Loading Content...
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hillcrest, a neighborhood in Dayton, Ohio, has undergone significant changes in its housing market over the past decade. The area has transitioned from predominantly owner-occupied properties to a majority of rental units, accompanied by substantial increases in average home prices and rent costs. The homeownership rate in Hillcrest has declined steadily from 57% in 2013 to 39% in 2022, indicating a major shift in the neighborhood's housing dynamics. Concurrently, average home prices have shown a remarkable upward trend. In 2013, the average home price was $23,927, which increased dramatically to $89,743 by 2022, marking a 275% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for many residents.
Federal interest rates have influenced homeownership trends in Hillcrest. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.4%, which typically encourages homeownership. However, despite these favorable borrowing conditions, homeownership in Hillcrest continued to decline. This trend suggests that other factors, such as rapidly appreciating home values, may have outweighed the positive influence of low interest rates on homeownership rates.
As homeownership declined, the percentage of renters in Hillcrest increased from 43% in 2013 to 61% in 2022. Simultaneously, average rent prices rose from $498 in 2013 to $868 in 2022, a 74% increase. The population fluctuated during this period, reaching a low of 3,514 in 2018 before rising to 3,915 in 2022. The increasing renter population and rising rent prices indicate a growing demand for rental properties in the area, possibly driven by those priced out of the homeownership market.
In 2023, the average home price in Hillcrest reached $90,317, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $93,649, while interest rates rose slightly to 5.33%. These figures demonstrate a continuing upward trend in both home prices and interest rates, potentially impacting affordability and market dynamics in the neighborhood.
Predictive models suggest that average home prices in Hillcrest may continue to rise over the next five years, potentially reaching around $110,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Hillcrest has undergone a significant transformation in its housing market. The shift from a majority owner-occupied to a renter-dominated neighborhood, coupled with substantial increases in both home prices and rent costs, reflects broader changes in urban housing dynamics. The continued upward trajectory of housing costs, alongside fluctuating interest rates, suggests that affordability may remain a key concern for both potential homeowners and renters in Hillcrest in the coming years.