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Oregon Neighborhood in Dayton: Rising Home Values and Fluctuating Ownership Rates
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
The Oregon neighborhood in Dayton, Ohio, a small urban area, has experienced significant changes in its housing market over the past decade. This neighborhood 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, the Oregon neighborhood witnessed a notable shift in homeownership rates. In 2013, 22% of residents owned their homes, but this figure dropped to a low of 11% in 2017 before rebounding to 35% by 2022. This trend coincided with changes in average home prices, which saw substantial growth over the same period. In 2015, the average home price in the neighborhood was $178,989, and by 2022, it had risen to $264,711, representing a 47.9% increase over seven years.
The relationship between federal interest rates and homeownership rates in the Oregon neighborhood shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates declined from 22% to 12%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates also increased, climbing to 35%. This trend suggests that other factors, such as local economic conditions and housing affordability, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages and average rent prices in the Oregon neighborhood have also shown interesting trends. In 2013, 78% of residents were renters, with the average rent at $333. By 2017, the renter percentage peaked at 89%, with average rent increasing to $371. However, by 2022, the renter percentage had decreased to 65%, while average rent had risen significantly to $557. This 67.3% increase in average rent over nine years occurred despite fluctuations in the neighborhood's population, which grew from 1,124 in 2013 to 1,434 in 2022.
Looking at the most recent data, the average home price in the Oregon neighborhood continued to rise, reaching $271,817 in 2023 and $283,245 in 2024. This represents a 7% increase from 2022 to 2024. Concurrently, federal interest rates have also increased substantially, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we can expect average home prices in the Oregon neighborhood to continue their upward trajectory, potentially reaching around $320,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $700 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, the Oregon neighborhood in Dayton has experienced significant changes in its housing market over the past decade. The area has seen a recent resurgence in homeownership rates, substantial increases in both average home prices and rent prices, and a growing population. These trends, combined with rising interest rates, suggest a dynamic and evolving housing market in this urban neighborhood.
