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Innis Garden Village: Rising Home Values and Balanced Ownership in a Resilient Columbus 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
Innis Garden Village, a neighborhood in Columbus, Ohio, has experienced significant changes in its housing market over the past decade. This area has seen fluctuating homeownership rates alongside a general upward trend in average home prices, while average rent prices have shown some volatility. These trends reflect the dynamic nature of the local real estate market and its response to various economic factors. The homeownership rate in Innis Garden Village has fluctuated notably, decreasing from 57% in 2014 to 46% in 2020, before recovering to 53% in 2022. Concurrently, average home prices in the neighborhood have shown a remarkable upward trend. In 2013, the average home price was $35,086, which steadily increased to $141,385 by 2022, representing a substantial 303% increase over nine years. This significant rise in home prices may have contributed to the initial decline in homeownership rates, as higher prices could have made it more challenging for residents to afford homes.
Federal interest rates have played a role in shaping homeownership trends in Innis Garden Village. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), the homeownership rate remained relatively stable at around 53%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a noticeable decline in homeownership, reaching a low of 45% in 2019. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
Renter percentages in Innis Garden Village have generally mirrored the inverse of homeownership rates. The percentage of renters increased from 43% in 2014 to a peak of 55% in 2019, before settling at 47% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $616, which increased to $897 by 2017, representing a 46% increase. However, rent prices then decreased to $738 in 2022, an 18% drop from the 2017 peak. These fluctuations in rent prices may have been influenced by changes in housing demand and the overall economic conditions in the area.
In 2023 and 2024, Innis Garden Village has continued to see growth in average home prices. The average home price reached $155,795 in 2023 and further increased to $171,004 in 2024, representing a 10% and 9.8% year-over-year increase, respectively. This growth occurred despite the Federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the rates seen in previous years.
Looking ahead, based on the historical data and current trends, it is projected that average home prices in Innis Garden Village will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are expected to stabilize and potentially increase moderately, reflecting the ongoing demand for rental properties in the area. However, the exact trajectory will depend on various factors, including local economic conditions, housing supply, and broader market dynamics.
In summary, Innis Garden Village has experienced significant growth in average home prices over the past decade, with some fluctuations in homeownership rates and average rent prices. The neighborhood has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. These trends suggest a dynamic and evolving housing market in Innis Garden Village, with potential opportunities for both homeowners and renters in the coming years.
