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Rising Home Values and Shifting Ownership in Don Scott, Columbus: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Don Scott, a neighborhood in Columbus, Ohio, located near The Ohio State University Airport, has experienced significant changes in its housing market over the past decade. The area has seen a general trend of decreasing homeownership rates, while average home prices and rent prices have shown an upward trajectory. This analysis examines the shifts in homeownership, property values, and rental markets from 2013 to 2024.
The homeownership rate in Don Scott has declined steadily from 2013 to 2022. In 2013, 46% of housing units were owner-occupied, but by 2022, this figure had dropped to 30%. This decline in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $156,733, and it rose consistently to reach $261,674 in 2022, representing a 67% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for many residents.
Federal interest rates have played a role in shaping homeownership trends in Don Scott. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Don Scott remained relatively stable, ranging from 45% to 47%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline more rapidly, dropping from 45% in 2017 to 37% in 2019. This trend suggests that higher interest rates may have contributed to making mortgages less affordable for potential homebuyers in the neighborhood.
As homeownership rates declined, the percentage of renters in Don Scott increased correspondingly. The renter-occupied housing units rose from 53% in 2013 to 70% in 2022. This shift towards renting coincided with a significant increase in average rent prices. In 2013, the average rent was $867, and it steadily climbed to $1,116 by 2022, representing a 29% increase. The population of Don Scott also grew during this period, from 2,030 in 2013 to 2,663 in 2022, which likely contributed to increased demand for rental properties and subsequent rent price increases.
In 2023 and 2024, the upward trend in average home prices continued in Don Scott. The average home price reached $273,241 in 2023 and further increased to $282,451 in 2024. This represents a 4.3% year-over-year increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, based on the observed trends, we can predict that average home prices in Don Scott are likely to continue rising over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing population and the shift towards renting in the neighborhood. However, if interest rates remain high, it could potentially slow down the rate of increase in both home prices and rents.
In summary, Don Scott has experienced a significant shift from homeownership to renting over the past decade, accompanied by substantial increases in both average home prices and average rent prices. The neighborhood's growing population, rising property values, and changing interest rate environment have all contributed to these trends. As the area continues to evolve, it's likely that these patterns will persist, shaping the housing market dynamics in Don Scott for years to come.
