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Rising Home Values and Declining Ownership in West Campus, Columbus
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Campus, a neighborhood in Columbus, Ohio adjacent to The Ohio State University, has experienced significant changes in its housing market from 2013 to 2022. The area has seen a decline in homeownership rates alongside substantial increases in average home prices and rent, reflecting broader economic trends and local market dynamics. Homeownership rates in West Campus decreased from 46% in 2013 to 37% in 2022. Simultaneously, average home prices rose dramatically from $135,346 in 2013 to $264,658 in 2022, marking a 95.5% increase over nine years. This inverse relationship between homeownership rates and home prices suggests that rising property values may have made homeownership less accessible for some residents.
The trends in homeownership and home prices coincided with fluctuations in federal interest rates. When interest rates were at historic lows between 2013 and 2016 (0.11% to 0.4%), homeownership rates remained relatively stable around 45%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more rapidly to 37%.
As homeownership decreased, the percentage of renters in West Campus increased from 54% in 2013 to 63% in 2022. This shift was accompanied by a significant rise in average rent prices, from $890 per month in 2013 to $1,326 in 2022, representing a 49% increase. The sharp rise in rent prices, particularly from 2016 to 2019 when it jumped from $838 to $1,447, may reflect increased demand for rental properties as homeownership became less attainable.
In 2023 and 2024, the housing market in West Campus continued its upward trajectory. The average home price reached $274,565 in 2023 and further increased to $287,377 in 2024. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting mortgage affordability for prospective homebuyers.
Based on observed trends, projections suggest that average home prices in West Campus may continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices could also see further increases, possibly surpassing $1,600 per month within the same timeframe. These projections assume a continuation of current market conditions and do not account for potential economic shifts or policy changes.
In summary, West Campus has witnessed a clear trend of declining homeownership rates coupled with rising average home and rent prices. The interplay between these factors, influenced by broader economic conditions such as interest rates, has reshaped the neighborhood's housing landscape. As property values continue to appreciate, the area may see further shifts in its resident demographics and housing market dynamics.
