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Rising Home Values and Declining Ownership in Old North Columbus
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
Old North Columbus, a neighborhood in Columbus, Ohio near Ohio State University, has experienced significant changes in homeownership and housing prices over the past decade. The percentage of owner-occupied homes in Old North Columbus has steadily declined from 21% in 2013 to 16% in 2022. Conversely, average home prices have shown a consistent upward trend, rising from $124,070 in 2013 to $260,938 in 2022, a substantial increase of 110% over nine years.
The inverse relationship between homeownership rates and average home prices suggests that rising property values may be making it more challenging for residents to transition from renting to owning. This trend aligns with periods of lower federal interest rates, which typically encourage home buying. For instance, from 2013 to 2016, when interest rates were below 0.5%, average home prices increased from $124,070 to $162,087, yet homeownership rates still declined from 21% to 19%.
Renter-occupied housing has become increasingly prevalent in Old North Columbus, rising from 79% in 2013 to 84% in 2022. This shift correlates with fluctuations in average rent prices. In 2013, the average rent was $1,001, peaking at $1,160 in 2017 before settling at $1,000 in 2022. The population has also fluctuated, reaching a high of 7,694 in 2015 before decreasing to 6,719 in 2022, which may have influenced rental market dynamics.
As of 2024, the average home price in Old North Columbus has risen to $288,450, marking a 10.6% increase from 2022. This price growth has occurred despite a significant increase in federal interest rates, which stood at 5.33% in 2024, up from 1.68% in 2022. The higher interest rates have not yet appeared to dampen the local housing market's appreciation.
Looking ahead, predictive models suggest that average home prices in Old North Columbus may continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Old North Columbus has experienced a significant shift towards a renter-dominated market over the past decade, coupled with substantial increases in average home prices. The neighborhood's proximity to Ohio State University and its urban amenities likely contribute to its strong rental market. As property values continue to rise, the trend of decreasing homeownership rates may persist, potentially reshaping the demographic composition of this dynamic Columbus neighborhood.
