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Kenwood, Ohio: Rising Home Values and Ownership Rates Amid Interest Rate Fluctuations
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
Kenwood, Ohio, is a small suburban community located in Hamilton County, covering an area of 2.42 square miles. This charming locality has experienced notable changes in its housing market and population dynamics over the past decade, with interesting trends in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Kenwood has shown a general upward trend, rising from 65% in 2013 to 70% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $222,623, which steadily climbed to $428,201 by 2022, representing a substantial 92.3% increase over this period. The most dramatic year-over-year increase occurred between 2020 and 2021, when average home prices jumped from $352,623 to $397,774, a 12.8% rise in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in Kenwood. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates fluctuated between 61% and 66%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable around 63-65%. Interestingly, despite the sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021, homeownership rates increased to 68% and 72% respectively, suggesting other factors were influencing the housing market during this period.
The renter population in Kenwood has experienced fluctuations, with the percentage of renters decreasing from 35% in 2013 to 30% in 2022. Despite this overall decrease, average rent prices have shown an upward trend. In 2013, the average rent was $1,484, which increased to $1,617 by 2022, representing a 9% rise over the decade. The highest average rent was recorded in 2017 at $1,578, coinciding with a period of population growth from 7,146 in 2015 to 7,477 in 2017. This suggests that increased demand for rental properties during population growth may have contributed to higher rent prices.
As of 2024, the average home price in Kenwood has reached $476,759, continuing the upward trend observed in previous years. This represents a 5.2% increase from the 2023 average of $455,985. The federal interest rate for 2024 stands at 5.33%, slightly higher than the 2023 rate of 5.02%. These figures indicate a continued strong housing market in Kenwood, with home prices rising despite relatively high interest rates.
Looking ahead, predictive models suggest that average home prices in Kenwood will continue to rise over the next five years, potentially reaching around $550,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes similar economic conditions persist. Average rent prices are also expected to increase, potentially reaching approximately $1,800 by 2029, following the gradual upward trajectory seen in recent years.
In summary, Kenwood has experienced a significant increase in homeownership rates and average home prices over the past decade, with a particularly notable rise in recent years. The rental market has seen more moderate growth in prices, despite a decrease in the percentage of renters. The relationship between federal interest rates and homeownership rates has not always been straightforward, suggesting that local factors and broader economic conditions also play important roles in shaping the housing market in this community. As Kenwood continues to grow and evolve, it is likely to remain an attractive area for both homeowners and renters, with continued upward pressure on both home prices and rents in the coming years.
