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Hartwell's Housing Market: Rising Home Values and Ownership Rates in Cincinnati's Diverse Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hartwell, a neighborhood in Cincinnati, Ohio, has experienced significant shifts in its housing market over the past decade. This area, known for its mix of residential and commercial properties, has seen notable changes in homeownership rates and property values, reflecting broader economic trends and local market dynamics. The homeownership rate in Hartwell has shown an interesting trajectory, increasing from 38% in 2017 to 50% in 2022. This substantial rise in ownership coincided with fluctuations in average home prices. In 2017, the average home price was $82,827, which steadily increased to $153,103 by 2022, representing an impressive 84.8% growth over five years. This trend suggests a growing interest in homeownership despite rising property values.
The relationship between federal interest rates and homeownership rates in Hartwell appears to follow expected patterns. As interest rates remained low between 2017 and 2021 (ranging from 1% to 0.08%), homeownership rates increased. This correlation aligns with the general principle that lower interest rates make mortgages more affordable, encouraging home buying. The significant jump in homeownership from 43% in 2020 to 50% in 2022, despite rising interest rates (1.68% in 2022), indicates strong local factors driving home purchases.
Rental trends in Hartwell have shown an inverse relationship to homeownership rates. The percentage of renters decreased from 60% in 2017 to 50% in 2022. During this period, average rent prices increased from $931 in 2017 to $1,034 in 2022, a 11.1% increase. This moderate rise in rent, compared to the more substantial increase in home prices, may have contributed to the shift towards homeownership.
In 2023, the average home price in Hartwell reached $158,518, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $169,094, while interest rates slightly rose to 5.33%. These figures indicate a continued upward trend in property values, even as interest rates remain relatively high.
Looking ahead, predictive models suggest a continued upward trajectory for both home prices and rents in Hartwell over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $195,000 by 2029. Rent prices are expected to follow a similar trend, with an estimated annual increase of 2-4%, potentially bringing the average rent to approximately $1,200 by 2029.
In summary, Hartwell has experienced a significant shift towards homeownership, with property values appreciating considerably. The neighborhood has demonstrated resilience in its housing market, with increasing home prices even in the face of rising interest rates. The balance between ownership and rental properties has equalized, suggesting a diversifying housing market. These trends point towards Hartwell's growing attractiveness as a residential area within Cincinnati, with potential for continued growth in property values and rental rates in the coming years.
