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Rising Home Values and Shifting Ownership in Columbus' Argyle Park
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
Argyle Park, a neighborhood in Columbus, Ohio, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area witnessed a slight decrease in homeownership rates while average home prices and rent prices generally increased. These trends have reshaped the community's residential landscape and affordability. The homeownership rate in Argyle Park fluctuated between 2013 and 2022, showing an overall downward trend. In 2013, 42% of residents owned their homes. This percentage decreased to 31% by 2016, before rising slightly to 36% in 2022. During this same period, average home prices in the neighborhood increased substantially. In 2013, the average home price was $27,515. By 2022, this figure had risen dramatically to $129,378, representing a 370% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates also influenced homeownership trends in Argyle Park. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in the neighborhood actually decreased from 42% to 31%. This suggests that other factors, such as rapidly increasing home prices, may have outweighed the potential benefits of low interest rates for potential homebuyers in this area.
Renter occupancy in Argyle Park increased from 58% in 2013 to 64% in 2022. This trend coincided with a general increase in average rent prices. In 2013, the average rent was $881 per month. By 2022, it had risen to $919, an increase of about 4.3% over nine years. The peak average rent was observed in 2021 at $1,032 per month. The population of Argyle Park fluctuated during this period, reaching a high of 1,622 residents in 2017 before decreasing to 1,355 in 2022. These population changes may have influenced demand for rental properties and, consequently, rent prices.
In 2023 and 2024, Argyle Park continued to see growth in average home prices. The average home price in 2023 was $133,518, a 3.2% increase from 2022. In 2024, the average home price further increased to $140,242, representing a 5% rise from the previous year. Notably, federal interest rates were significantly higher during this period, at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Argyle Park will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the neighborhood's high renter occupancy rate and the overall upward trend in housing costs. However, the rate of increase may be moderated by affordability constraints and potential changes in local economic conditions.
In summary, Argyle Park has experienced a shift towards higher renter occupancy over the past decade, accompanied by substantial increases in average home prices and modest growth in average rent prices. The interplay between these factors, along with broader economic trends such as interest rates, will likely continue to shape the neighborhood's housing market in the coming years.
