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Lower Price Hill: Rising Home Values and Shifting Ownership in a Historic Cincinnati 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
Lower Price Hill, a historic neighborhood in Cincinnati, Ohio, has experienced significant changes in its housing market over the past decade. This area, known for its rich history and diverse community, has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local developments. The homeownership rate in Lower Price Hill has shown a fluctuating trend. In 2013, it stood at 34%, dropping to its lowest point of 28% in 2018 and 2019. However, there has been a gradual increase since then, reaching 34% again in 2022. This trend correlates with the average home prices in the area. From 2016 to 2022, average home prices rose significantly, from $45,501 to $105,285, representing a 131% increase over six years.
The relationship between federal interest rates and homeownership rates in Lower Price Hill shows some correlation. As interest rates remained low from 2013 to 2015, hovering around 0.1%, the homeownership rate stayed relatively stable. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we saw an initial decline in homeownership followed by a recent uptick. This suggests that while lower interest rates generally encourage homeownership, other local factors also play a significant role in this neighborhood.
Renter percentages in Lower Price Hill have generally mirrored the inverse of homeownership trends. The renter-occupied units peaked at 72% in 2018, coinciding with the lowest homeownership rate. Since then, there has been a slight decrease, reaching 66% in 2022. Average rent prices have shown volatility, peaking at $733 in 2015 before declining to $535 in 2019, and then rising again to $627 in 2022. This fluctuation in rent prices doesn't show a clear correlation with the renter percentage, suggesting that other factors, such as local economic conditions and housing supply, may have a more significant impact on rental dynamics in this area.
In 2023, the average home price in Lower Price Hill reached $111,448, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $116,717, while interest rates have slightly risen to 5.33%. This continued rise in both home prices and interest rates suggests a robust housing market in the area, despite potentially higher borrowing costs for homebuyers.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower rate due to higher interest rates. Rent prices may also see moderate increases, influenced by the overall housing market dynamics and local economic factors.
In summary, Lower Price Hill has experienced significant changes in its housing market over the past decade. The neighborhood has seen a substantial increase in average home prices, a recent uptick in homeownership rates, and fluctuating rent prices. These trends, combined with the interplay of federal interest rates and local economic factors, paint a picture of a neighborhood in transition, with potential for continued growth and development in its housing market.
