Loading Content...
Rising Home Values and Declining Ownership: The Evolving Housing Market of Knolls-Thomas, 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
Knolls-Thomas, a neighborhood in Columbus, Ohio, has experienced significant changes in its real estate market and demographic composition over the past decade. This analysis focuses on the shifts in homeownership rates, average home prices, and rental trends from 2013 to 2024. The homeownership rate in Knolls-Thomas declined from 88% in 2013 to 72% in 2022, a decrease of 16 percentage points. This change coincided with a substantial increase in average home prices, rising from $213,557 in 2013 to $393,712 in 2022, an 84% increase over nine years. The relationship between federal interest rates and homeownership rates in Knolls-Thomas followed an expected pattern. From 2013 to 2016, when interest rates remained low (between 0.09% and 0.4%), the homeownership rate only declined slightly from 88% to 86%. However, as interest rates rose more significantly from 2017 onwards, reaching 1.68% by 2022, the homeownership rate saw a steeper decline, dropping to 72% by 2022.
As homeownership declined, the renter population in Knolls-Thomas grew substantially. The percentage of renters more than doubled from 12% in 2013 to 28% in 2022. Average rent prices fluctuated during this period, starting at $1,113 in 2013, dipping to $797 in 2015, and then rising to $1,241 in 2022, an overall increase of 11.5%. The population growth from 1,591 in 2013 to 1,871 in 2022 likely contributed to the increased demand for rental properties.
Recent data shows that average home prices in Knolls-Thomas continued to rise, reaching $410,914 in 2023 and $429,415 in 2024, a further 9% increase from 2022 to 2024. This price growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, demonstrating the resilience of the local housing market.
Predictive models suggest that average home prices in Knolls-Thomas will continue to rise over the next five years, potentially reaching $500,000 to $550,000 by 2029. Average rent prices are expected to moderately increase, potentially reaching $1,400 to $1,500 per month by 2029, assuming steady population growth and continued demand for rental properties in the area.
In conclusion, Knolls-Thomas has transformed from a predominantly homeowner community to one with a growing renter population. This shift has occurred alongside substantial increases in both average home prices and rent prices. The neighborhood's ability to maintain price growth despite rising interest rates indicates a strong local real estate market. As Knolls-Thomas continues to evolve, it is likely to see further appreciation in both homeownership and rental markets.
