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Gibbs Neighborhood: Rising Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Gibbs neighborhood in Canton, Ohio, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the neighborhood's evolving landscape.
Homeownership in Gibbs has declined notably since 2013. The percentage of residents owning homes decreased from 46% in 2013 to 37% in 2022. This downward trend coincides with fluctuations in average home prices. In 2013, the average home price was $25,119, which decreased to $22,981 in 2015 before beginning a steady climb. By 2022, the average home price had more than doubled to $54,946, representing a significant increase in property values over this period.
The relationship between federal interest rates and homeownership rates in Gibbs shows an interesting pattern. As interest rates remained low from 2013 to 2016 (below 0.5%), homeownership rates continued to decline. This suggests that other factors, such as local economic conditions or housing availability, may have had a stronger influence on homeownership than interest rates alone. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the decline in homeownership slowed, with the rate stabilizing around 37% in 2022.
The percentage of renters in Gibbs has increased substantially. In 2013, 54% of residents were renters, and this figure rose to 63% by 2022. This shift towards renting aligns with changes in average rent prices, which have shown moderate fluctuations. In 2013, the average rent was $554, rising to $582 in 2015 before experiencing some volatility. By 2022, the average rent had settled at $557, nearly returning to its 2013 level despite the increased demand for rentals. This stability in rent prices, despite the growing renter population, could be attributed to factors such as local rent control measures or an increase in rental unit supply.
Looking at the most recent data, 2023 saw a slight decrease in average home prices to $51,248, followed by an increase to $56,617 in 2024. This upward trend in home prices continues despite the significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and could potentially slow down the growth in home prices.
Applying predictive models to forecast 5-year trends, average home prices in Gibbs are anticipated to continue rising, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $65,000 to $70,000 by 2029. Average rent prices are expected to increase moderately, potentially reaching $620 to $650 by 2029, as demand for rentals remains strong.
In summary, the Gibbs neighborhood has experienced a significant shift from homeownership to renting over the past decade, accompanied by a substantial increase in average home prices. Despite this, average rent prices have remained relatively stable. The recent rise in interest rates may impact future homeownership rates and home price growth. As the neighborhood continues to evolve, it will be crucial to monitor these trends and their impact on the local housing market and community dynamics.
