Loading Content...
Historic West Loveland: Rising Home Values and 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
Historic West Loveland, located in Loveland, Ohio, has experienced significant changes in its housing market over the past decade. This neighborhood has seen a notable shift in homeownership rates, accompanied by fluctuations in average home prices and average rent prices. The area has witnessed a trend towards increased homeownership in recent years, while average home prices have shown consistent growth.
The homeownership rate in Historic West Loveland has seen a remarkable increase from 37% in 2017 to 72% in 2022. This substantial rise in homeownership coincides with a steady increase in average home prices. In 2017, the average home price was $155,975, and by 2022, it had risen to $234,303, representing a 50.2% increase over five years. This trend suggests that despite rising prices, more residents were able to transition from renting to owning homes.
The relationship between federal interest rates and homeownership rates in Historic West Loveland presents an interesting dynamic. Despite the federal interest rate increasing from 1% in 2017 to 1.68% in 2022, the homeownership rate continued to climb. This trend contradicts the typical expectation that higher interest rates discourage home buying. It's possible that other local factors, such as job growth or neighborhood improvements, may have outweighed the impact of rising interest rates on homeownership decisions.
Conversely, the percentage of renters in Historic West Loveland has decreased from 63% in 2017 to 28% in 2022. This decline in the renter population coincides with a significant increase in average rent prices. The average rent rose from $848 in 2017 to $903 in 2022, a 6.5% increase. However, it's worth noting that there was a spike in average rent to $1,489 in 2021 before it decreased in 2022. The overall population of the neighborhood decreased from 1,170 in 2017 to 1,299 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in Historic West Loveland continued its upward trajectory, reaching $249,501 in 2023 and $265,977 in 2024. This represents a 6.5% and 13.5% increase from 2022, respectively. The federal interest rate also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates observed in the neighborhood since before 2010.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Historic West Loveland will continue to rise, potentially reaching around $320,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $1,000 per month by 2029.
In summary, Historic West Loveland has experienced a significant shift towards homeownership, with a 35 percentage point increase from 2017 to 2022. This trend has occurred alongside a steady rise in average home prices, which have increased by over 50% during the same period. The rental market has seen a decrease in the percentage of renters, coupled with fluctuations in average rent prices. Despite rising interest rates, the neighborhood's housing market has shown resilience, with continued growth in both homeownership rates and property values.
