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Lincoln Village, Ohio: Rising Home Values Amidst Declining Ownership
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
Lincoln Village, located in Ohio, is a densely populated community with a rich history of demographic shifts. Over the past decade, this area has experienced notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Lincoln Village has shown a gradual decline from 2013 to 2022. In 2013, 57% of housing units were owner-occupied. This percentage peaked at 63% in 2016 and 2017 before steadily decreasing to 53% by 2022. Concurrently, average home prices have experienced significant growth. In 2013, the average home price was $70,985, which more than doubled to $183,595 by 2022. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in Lincoln Village increased from 57% to 63%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 53%, possibly reflecting the increased cost of borrowing.
Renter occupancy in Lincoln Village has shown an upward trend, increasing from 43% in 2013 to 47% in 2022. This shift towards renting coincides with rising average rent prices. In 2013, the average rent was $942, which increased to $1,040 by 2022, representing a 10.4% increase over nine years. The growing renter population, coupled with rising rent prices, suggests a tightening rental market, potentially driven by increased demand for rental properties as homeownership becomes less accessible.
In 2023 and 2024, the housing market in Lincoln Village continued to evolve. The average home price reached $198,090 in 2023 and further increased to $211,828 in 2024, marking a 15.4% rise from 2022 to 2024. This substantial growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These high interest rates typically make mortgages more expensive, yet the continued rise in home prices suggests strong demand or limited housing supply in the area.
Looking ahead, predictive models suggest that both average home prices and rent prices in Lincoln Village are likely to continue their upward trajectory over the next five years. Average home prices could potentially reach or exceed $250,000 by 2029, while average rent prices might surpass $1,200 per month. However, these projections depend on various factors, including economic conditions, local development, and broader housing market trends.
In summary, Lincoln Village has experienced a shift towards renting, with decreasing homeownership rates despite rising property values. The interplay between federal interest rates, housing affordability, and rental demand has shaped these trends. As the community continues to evolve, balancing housing affordability with property value appreciation will likely remain a key challenge for local policymakers and residents alike.
