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Residence Park, Dayton: Rising Home Values Amid Market Fluctuations
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
Residence Park, located in Dayton, Ohio, is a neighborhood that has experienced significant demographic and economic shifts over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Residence Park has shown a notable trend over the years. In 2013, the neighborhood had a 57% homeownership rate, which declined to 47% by 2017. However, there has been a reversal in recent years, with homeownership increasing to 54% in 2022. This trend correlates interestingly with average home prices in the area. In 2013, the average home price was $21,913, which rose dramatically to $58,776 by 2022, representing a 168% increase over nine years.
The relationship between federal interest rates and homeownership rates in Residence Park shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates declined. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates also started to increase. This suggests that other local factors, such as job market conditions or neighborhood development initiatives, may have played a significant role in influencing homeownership trends.
Rental trends in Residence Park have also shown interesting patterns. The percentage of renters increased from 43% in 2013 to a peak of 53% in 2017, before declining to 46% in 2022. Average rent prices, however, have not followed a consistent trend. In 2013, the average rent was $818, which decreased to $741 by 2019, but then rose again to $791 in 2022. This fluctuation in rent prices, coupled with changes in the renter population, suggests a dynamic rental market responding to various economic factors and possibly changes in housing quality or availability.
Looking at the most recent data, average home prices in Residence Park continued to rise, reaching $59,691 in 2023 and $61,762 in 2024. This represents a steady increase from previous years, indicating continued growth in the local real estate market. Concurrently, federal interest rates have also increased significantly, reaching 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, it's anticipated that average home prices in Residence Park will continue to rise, potentially reaching around $70,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $900 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Residence Park has experienced a resurgence in homeownership rates in recent years, despite rising home prices. The rental market has shown flexibility, with fluctuating rent prices and renter percentages. The neighborhood's real estate market appears to be strengthening, with continued growth in home values. These trends suggest a dynamic and evolving neighborhood that may be becoming increasingly attractive to both homeowners and investors.
