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Reeb-Hosack: Rising Home Values and Shifting Ownership in a Dynamic Columbus 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
Reeb-Hosack, a small neighborhood in Columbus, Ohio, has experienced significant changes in its real estate market and demographic composition over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic changes and local market conditions.
The homeownership rate in Reeb-Hosack has shown considerable variability between 2013 and 2022. Starting at 26% in 2013, the rate of homeownership increased to 38% by 2022. This upward trend coincided with a substantial rise in average home prices. In 2013, the average home price was $33,843, which rose dramatically to $157,874 by 2022, representing a 366% increase over nine years. This surge in home values likely contributed to the growing attractiveness of homeownership as a wealth-building strategy for residents.
Federal interest rates have played a crucial role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the overall increase in homeownership in Reeb-Hosack, as more affordable financing options were available to potential buyers. However, the relationship is not always straightforward, as evidenced by the continued rise in homeownership even as interest rates began to climb in 2022.
Renter percentages in Reeb-Hosack have generally mirrored the inverse of homeownership trends. In 2013, 74% of residents were renters, which decreased to 62% by 2022. Interestingly, average rent prices have shown more volatility than a consistent trend. In 2013, the average rent was $1,638, which decreased to $1,306 by 2015. Rent then rose to $1,555 in 2019 before dropping significantly to $837 in 2020, possibly due to the economic impact of the COVID-19 pandemic. By 2022, average rent had rebounded to $1,054, still below pre-pandemic levels. These fluctuations in rent prices occurred against a backdrop of declining population, from 1,278 residents in 2013 to 1,047 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in Reeb-Hosack continued to rise, reaching $161,529 in 2023 and $168,602 in 2024. This represents a 4.4% increase from 2023 to 2024, indicating ongoing appreciation in the local real estate market. Simultaneously, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and affordability.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Reeb-Hosack will continue to appreciate, potentially reaching around $200,000 by 2029 if current growth rates persist. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching $1,200-$1,300 per month by 2029, assuming economic conditions remain favorable and the neighborhood continues to attract residents.
In summary, Reeb-Hosack has experienced a notable increase in homeownership rates and average home prices over the past decade, despite fluctuations in the rental market and overall population decline. The neighborhood's real estate market has shown resilience and growth, with recent data indicating continued appreciation in home values. These trends suggest that Reeb-Hosack is evolving, potentially becoming an increasingly desirable area for homeowners while maintaining a significant rental market presence.
