Loading Content...
Home Values and Ownership Trends in Appian, Columbus: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Appian, a neighborhood in Columbus, Ohio, has experienced significant changes in its housing landscape over the past decade. This area has seen fluctuations in homeownership rates, alongside steady increases in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Appian has shown a general downward trend since 2013. In 2013, 57% of residents owned their homes, but by 2022, this figure had decreased to 46%. This decline in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Appian was $133,171. By 2022, it had more than doubled to $299,977, representing a 125% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in Appian. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 50%. However, as interest rates began to rise more sharply from 2017 onwards, homeownership rates showed a slight decline. For instance, in 2018, when the federal interest rate reached 1.83%, the homeownership rate dropped to 42%, its lowest point in the observed period.
Conversely, the percentage of renters in Appian has generally increased over time, rising from 43% in 2013 to 54% in 2022. This trend has been accompanied by a steady increase in average rent prices. In 2013, the average rent was $812 per month. By 2022, it had climbed to $1,047, an increase of 29% over nine years. The rising rent prices, coupled with the increasing renter population, suggest a growing demand for rental properties in the area. This trend may be partly attributed to the neighborhood's population growth, which increased from 1,553 in 2013 to 1,706 in 2022, potentially driving up demand for housing overall.
Looking at the most recent data, average home prices in Appian continued to rise in 2023 and 2024, reaching $313,830 and $329,399 respectively. This represents a further 10% increase from 2022 to 2024. Notably, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Appian will continue to rise, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections assume a continuation of current trends and stable economic conditions.
In summary, Appian has experienced a shift towards a more renter-dominated market over the past decade, with declining homeownership rates and rising average home and rent prices. The neighborhood has seen substantial property value appreciation, which, combined with fluctuating interest rates, has likely influenced housing choices for residents. As the area continues to grow and evolve, these trends are expected to shape the future of Appian's housing market.
