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Rising Home Values and Ownership Trends in Wallhaven: A Decade of Change
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
Wallhaven, a vibrant neighborhood in Akron, Ohio, has experienced notable shifts in its housing landscape over the past decade. This area has seen fluctuations in homeownership rates, coupled with a steady increase in average home prices and variable trends in average rent prices. The homeownership rate in Wallhaven has shown some variability, with a general downward trend followed by a recent uptick. In 2013, 56% of residents were homeowners. This percentage dipped to its lowest point of 51% in 2019 before rebounding to 58% in 2022. Concurrently, average home prices have demonstrated consistent growth. In 2013, the average home price was $108,208, which steadily increased to $176,531 by 2022, representing a substantial 63% increase over this period.
Federal interest rates appear to have influenced homeownership rates in Wallhaven. The period from 2013 to 2015 saw relatively stable homeownership rates around 56-58%, coinciding with historically low interest rates below 0.15%. As interest rates began to rise from 2016 onwards, reaching 2.16% by 2019, homeownership rates declined to 51%. However, the sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 corresponded with a rebound in homeownership to 55% and 59% respectively. This trend supports the notion that lower interest rates generally encourage homeownership due to more affordable financing options.
Renter percentages in Wallhaven have mirrored the inverse of homeownership trends, rising from 44% in 2013 to a peak of 49% in 2019, before decreasing to 42% in 2022. Average rent prices have shown volatility but with an overall upward trend. In 2013, the average rent was $733, which increased to $852 in 2020, then saw a significant jump to $909 in 2021, before slightly decreasing to $855 in 2022. This represents a total increase of about 16.6% from 2013 to 2022. The fluctuations in rent prices and renter percentages may be influenced by factors such as changes in population, which varied from 5,111 in 2013 to 4,916 in 2022, and shifts in housing preference or affordability.
Looking at the most recent data, the average home price in Wallhaven reached $187,029 in 2023 and further increased to $196,856 in 2024. This continued upward trend in home prices occurs despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing demand.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Wallhaven will continue to rise, potentially reaching around $230,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $950 by 2029, considering the historical volatility and recent trends in rental rates.
In summary, Wallhaven has experienced a resurgence in homeownership rates in recent years, coupled with substantial growth in average home prices. Rent prices have shown more variability but maintain an overall upward trend. The interplay between federal interest rates, housing affordability, and population changes continues to shape the housing market dynamics in this Akron neighborhood.
