Loading Content...
Holly Hill: Shifting Homeownership and Rising Property Values in Columbus, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Holly Hill, a neighborhood in Columbus, Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. The area has seen a general trend towards increased renting, with both average home prices and rent prices showing upward trajectories. This analysis examines the demographic and economic shifts in Holly Hill from 2013 to 2024, with projections for future trends.
From 2013 to 2022, Holly Hill witnessed a notable shift in homeownership rates. The percentage of residents owning their homes decreased from 34% in 2013 to 29% in 2022, a 5% drop. Concurrently, average home prices more than doubled, rising from $69,023 in 2013 to $178,140 in 2022. This inverse relationship suggests that rising home prices may have made homeownership less attainable for many residents.
Federal interest rates have played a significant role in shaping homeownership trends. In 2013, when interest rates were at a low 0.11%, homeownership was at 34%. As interest rates rose to 1.68% in 2022, homeownership declined to 29%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in Holly Hill has grown correspondingly. The percentage of renters increased from 66% in 2013 to 71% in 2022. This 5% increase in renters was accompanied by a significant rise in average rent prices, from $585 in 2013 to $842 in 2022, representing a 44% increase over nine years. The growing renter population may have contributed to the upward pressure on rent prices.
Recent data shows that average home prices in Holly Hill continued to rise, reaching $189,342 in 2023 and $201,989 in 2024. This represents a 13.4% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may further impact homeownership rates in the neighborhood.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Holly Hill will continue to rise, potentially reaching around $250,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,000 per month within the same timeframe. These projections are based on the consistent upward trends observed in both home prices and rent over the past decade.
In summary, Holly Hill has experienced a shift towards a renter-majority population, with homeownership rates declining as average home prices have more than doubled since 2013. The neighborhood has seen significant increases in both average home prices and average rent prices, with these trends expected to continue in the coming years. The interplay between federal interest rates, housing affordability, and rental demand will likely continue to shape the residential landscape of Holly Hill in the future.
