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Mt. Airy's Housing Market: Rising Home Values and Dynamic Ownership Trends
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
Mt. Airy, a neighborhood in Cincinnati, Ohio, has experienced significant changes in its housing market over the past decade. The area has seen a notable increase in homeownership rates and a substantial rise in average home prices. From 2013 to 2022, the homeownership rate in Mt. Airy increased from 46% to 52%, indicating a growing preference for homeownership in the neighborhood. This trend coincided with a remarkable 111.6% increase in average home prices, rising from $91,935 in 2013 to $194,556 in 2022.
The relationship between federal interest rates and homeownership rates in Mt. Airy shows some correlation. As interest rates remained low between 2013 and 2016, homeownership rates initially dipped. However, as rates began to rise more significantly from 2017 onwards, homeownership rates in Mt. Airy also started to increase. This trend suggests that local factors may have played a more significant role in homeownership decisions than national interest rates alone.
The rental market in Mt. Airy has also shown interesting trends. The percentage of renters peaked at 58% in 2016 and has since decreased to 48% in 2022. Despite this decline in the renter population, average rent prices have generally increased. From 2013 to 2021, average rent rose from $682 to $921, a 35% increase. However, there was a slight decrease to $819 in 2022. This overall upward trend in rent prices, despite a decreasing renter population, suggests a tightening rental market with potentially higher-quality or more desirable rental properties becoming available.
Recent data shows that average home prices in Mt. Airy continued to rise in 2023 and 2024, reaching $203,835 and $214,268 respectively. This represents a 4.8% increase from 2022 to 2023 and a further 5.1% increase from 2023 to 2024. Meanwhile, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activity in the neighborhood.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Mt. Airy to continue their upward trajectory, potentially reaching around $250,000 by 2029. This projection is based on the consistent year-over-year increases observed in the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $950 per month by 2029, assuming the trend of the past few years continues.
In summary, Mt. Airy has experienced a significant increase in homeownership rates and average home prices over the past decade. The neighborhood has shown resilience in its housing market, with property values appreciating considerably. While the rental market has seen some fluctuations, overall rent prices have trended upwards. These trends suggest a growing desirability of the Mt. Airy neighborhood, with a shift towards homeownership and increasing property values.
