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King-Lincoln-Bronzeville: Rising Home Values and Ownership in a Historic 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
King-Lincoln-Bronzeville, a historic neighborhood in Columbus, Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, known for its rich African American cultural heritage, has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices.
The homeownership rate in King-Lincoln-Bronzeville has shown a steady upward trend from 2013 to 2022. In 2013, the homeownership rate was 26%, which gradually increased to 40% by 2022. This 14 percentage point increase coincided with a substantial rise in average home prices. In 2013, the average home price was $59,433, which grew dramatically to $273,286 by 2022, representing a 360% increase over nine years.
The relationship between federal interest rates and homeownership rates in King-Lincoln-Bronzeville appears to follow the generally expected trend. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 2.16%, homeownership rates increased. This aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options. The most significant jump in homeownership occurred between 2015 and 2016, rising from 29% to 35%, coinciding with a period of very low interest rates.
Renter percentages in the neighborhood have inversely mirrored the homeownership trend, decreasing from 74% in 2013 to 60% in 2022. Despite this decrease in the proportion of renters, average rent prices have generally increased. In 2013, the average rent was $615, which rose to $647 by 2022, representing a 5.2% increase. It's worth noting that rent prices peaked at $696 in 2018 before slightly declining. The population fluctuations, from 2,826 in 2013 to 3,189 in 2022, may have influenced the demand for rental properties and consequently affected rent prices.
Looking at the most recent data, the average home price in King-Lincoln-Bronzeville slightly decreased to $271,166 in 2023 but is projected to rise to $276,296 in 2024. This occurs against the backdrop of significantly higher interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we can expect average home prices in King-Lincoln-Bronzeville to continue their upward trajectory, potentially reaching around $300,000 by 2029. Average rent prices are likely to follow a similar upward trend, possibly approaching $700-$750 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, King-Lincoln-Bronzeville has experienced a significant increase in homeownership rates and average home prices over the past decade. The neighborhood has shown resilience and growth, with a consistent upward trend in property values. While the rental market has seen some fluctuations, it has generally followed an upward trajectory as well. The recent rise in interest rates may introduce new dynamics to the housing market in this historic Columbus neighborhood.
