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Rising Home Values and Ownership in University Park, Dayton: A Decade of Housing Market Dynamics
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
University Park, a neighborhood in Dayton, Ohio adjacent to the University of Dayton, has experienced significant changes in homeownership rates and property values over the past decade. These changes reflect broader economic trends and local development patterns. Homeownership rates in University Park have shown a consistent increase from 2013 to 2022. In 2013, 57% of residents owned their homes, while by 2022, this figure had risen to 66%. This upward trend in homeownership coincided with a substantial rise in average home prices. The average home price in the neighborhood was $150,539 in 2018, and by 2022, it had climbed to $192,049, representing a 27.6% increase over just four years. The relationship between federal interest rates and homeownership rates in University Park presents an interesting case study. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 57-58%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in University Park actually increased to 66%. This trend suggests that local factors may have had a stronger influence on homeownership than interest rates during this period.
Renter percentages in University Park have naturally mirrored the homeownership trends, decreasing from 43% in 2013 to 34% in 2022. Despite this decline in the renter population, average rent prices have shown a general upward trajectory. In 2013, the average rent was $914, which increased to $1,110 by 2022, representing a 21.4% rise. This increase in rent prices, despite a shrinking renter population, could indicate a growing demand for higher-quality rental properties in the area or reflect broader inflationary pressures in the housing market.
As of 2024, the average home price in University Park has reached $208,225, continuing the upward trend observed in previous years. This represents a 4.3% increase from the 2023 average of $200,614. Federal interest rates have also continued to rise, reaching 5.33% in 2024, up from 5.02% in 2023. Despite these higher interest rates, which typically make mortgages more expensive, home prices in the area have continued to appreciate, suggesting strong underlying demand for housing in University Park.
Looking ahead, predictive models suggest that both average home prices and rent prices in University Park are likely to continue their upward trajectories over the next five years. Home prices could potentially reach around $240,000 by 2029, assuming a continuation of the current growth rate. Average rent prices might approach $1,300 per month in the same timeframe, reflecting ongoing demand for rental properties in this university-adjacent neighborhood.
In summary, University Park has experienced a significant increase in homeownership rates and property values over the past decade. Despite rising interest rates, the neighborhood has seen consistent growth in home prices, suggesting strong local demand. The rental market, while shrinking in terms of population share, has also seen steady price increases. These trends point to University Park's growing attractiveness as a residential area, likely influenced by its proximity to the University of Dayton and ongoing neighborhood developments.
