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Lansingville's Rising Home Values Amidst Declining Ownership: A Decade of Housing Market Shifts
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
Lansingville, a neighborhood in Youngstown, Ohio, has experienced significant shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Lansingville witnessed a notable decline in homeownership rates, dropping from 55% to 44%. Simultaneously, average home prices in the neighborhood demonstrated a remarkable upward trajectory. In 2013, the average home price stood at $19,735, but by 2022, it had more than doubled to $44,237. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
The fluctuations in federal interest rates appear to have influenced homeownership trends in Lansingville. For instance, in 2013, when interest rates were at a low 0.11%, homeownership was at 55%. As interest rates gradually increased to 1.83% by 2018, homeownership remained relatively stable at 58%. However, the sharp rise in interest rates to 1.68% in 2022 coincided with a significant drop in homeownership to 44%, indicating that higher borrowing costs may have deterred potential buyers.
Conversely, the percentage of renters in Lansingville increased from 45% in 2013 to 55% in 2022. During this period, average rent prices showed moderate growth, rising from $810 in 2013 to $846 in 2022. The peak in average rent was observed in 2018 at $902, coinciding with a population decrease from 5,331 in 2013 to 4,468 in 2018. This suggests that despite a shrinking population, demand for rental properties remained strong, potentially driven by the declining affordability of homeownership.
In 2023, the average home price in Lansingville reached $44,709, with federal interest rates climbing to 5.02%. The trend continued into 2024, with average home prices rising to $46,670 and interest rates further increasing to 5.33%. These figures indicate a persistent upward trend in both home values and borrowing costs, potentially impacting affordability and homeownership rates in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Lansingville may continue to rise over the next five years, potentially reaching around $55,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $950 per month by 2029. These projections are based on current trends and economic indicators, assuming relatively stable market conditions.
In summary, Lansingville has experienced a significant shift from homeownership to renting over the past decade, accompanied by substantial increases in average home prices. The interplay between federal interest rates, housing affordability, and population changes has shaped these trends. As the neighborhood moves forward, it is likely to see continued growth in property values and rental rates, potentially further influencing the balance between homeowners and renters in the community.
