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Rising Home Values and Shifting Ownership in Canton's Summit Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Summit neighborhood in Canton, Ohio has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving dynamics of this urban community. Homeownership rates in Summit have shown considerable volatility between 2013 and 2022. Starting at 40% in 2013, the rate declined to 29% by 2018, rebounded to 39% in 2020, and then fell again to 27% in 2022. This fluctuation in homeownership coincided with substantial increases in average home prices. From 2013 to 2022, the average home price in Summit rose from $29,551 to $59,489, marking a significant 101% increase over this period.
The relationship between federal interest rates and homeownership rates in Summit demonstrates some correlation. In 2021, when interest rates were low at 0.08%, the homeownership rate stood at 32%. However, as interest rates increased to 1.68% in 2022, homeownership dropped to 27%, suggesting that higher interest rates may have discouraged potential buyers.
Renter percentages in Summit have generally increased over the years, rising from 60% in 2013 to 73% in 2022. This trend aligns with the growth in average rent prices, which increased from $627 in 2013 to $817 in 2022, a 30% increase. The population of Summit has fluctuated during this period, decreasing from 3,176 residents in 2013 to 2,911 in 2022. Despite the population decrease, the demand for rentals has remained strong, possibly due to changing demographics or economic factors in the area.
In 2023 and 2024, Summit's housing market showed interesting developments. The average home price in 2023 was $54,275, a slight decrease from 2022. However, in 2024, the average home price rebounded to $60,455, surpassing the 2022 level. This occurred despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, which typically would discourage home buying.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. Average home prices in Summit may continue their overall upward trajectory, potentially reaching around $70,000 by 2029, assuming economic conditions remain stable. Average rent prices could also continue to rise, possibly reaching $900-$950 per month by 2029. However, these projections are subject to various factors including local economic conditions, population changes, and broader market trends.
In summary, Summit has experienced a general trend of decreasing homeownership rates and increasing renter percentages over the past decade. Despite fluctuations in population, both average home prices and average rent prices have shown significant increases. The neighborhood's resilience in maintaining rising property values, even in the face of high interest rates, suggests a potentially strong local real estate market moving forward.
