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Lane-Wooster: Rising Home Values Amidst Shift to Renter-Dominated Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lane-Wooster, a neighborhood in Akron, Ohio, has experienced significant changes in its real estate market over the past decade. This area has seen notable shifts in homeownership rates and property values, reflecting broader economic trends and local market conditions. The dynamics of these changes provide insight into the evolving landscape of urban neighborhoods. Homeownership rates in Lane-Wooster have fluctuated considerably since 2013. The neighborhood started with a 47% homeownership rate in 2013, which declined to 32% by 2018. However, recent years have shown a slight recovery, with homeownership reaching 39% in 2022. This trend correlates interestingly with changes in average home prices. In 2013, the average home price was $25,509, which increased dramatically to $63,515 by 2022, representing a substantial 149% increase over nine years. Federal interest rates have played a significant role in shaping homeownership trends in Lane-Wooster. From 2013 to 2016, interest rates were historically low, ranging from 0.11% to 0.40%. Despite these favorable borrowing conditions, homeownership in the neighborhood continued to decline, suggesting that other local factors were influencing the market. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the neighborhood saw a modest rebound in homeownership, possibly due to residents anticipating further rate increases and deciding to enter the market.
Renter occupancy in Lane-Wooster has shown an inverse relationship to homeownership trends. The percentage of renters increased from 53% in 2013 to a peak of 68% in 2018 and 2020, before slightly decreasing to 61% in 2022. Average rent prices have generally trended upward during this period, rising from $668 in 2013 to $680 in 2022, with some fluctuations in between. Notably, there was a significant spike in average rent to $924 in 2021, followed by a substantial decrease in 2022. These rent trends occur against a backdrop of declining population, which fell from 5,786 in 2013 to 5,135 in 2022, potentially influencing the rental market dynamics.
The most recent data shows that average home prices in Lane-Wooster continued to rise, reaching $66,520 in 2023 and $71,757 in 2024. This represents a further 13% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Predictive models forecast that average home prices in Lane-Wooster will continue to rise over the next five years, potentially reaching around $85,000 to $90,000 by 2029. Average rent prices are expected to stabilize and show moderate growth, potentially reaching $750 to $800 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
Lane-Wooster has experienced a significant increase in property values over the past decade, with average home prices more than doubling. Despite this, homeownership rates have only recently begun to recover from their low point in 2018. The rental market has been dynamic, with a general trend towards higher occupancy and fluctuating rent prices. The neighborhood's declining population adds an interesting dimension to these trends, potentially influencing both the ownership and rental markets. As we move forward, the interplay between rising home values, interest rates, and demographic shifts will likely continue to shape the real estate landscape in Lane-Wooster.
