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Rising Home Values and Shifting Ownership in East Price Hill, Cincinnati
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
East Price Hill, a historic neighborhood in Cincinnati, Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis examines the trends from 2013 to 2024, highlighting the neighborhood's resilience and adaptation to economic shifts. Homeownership rates in East Price Hill have shown notable fluctuations between 2013 and 2022. Starting at 41% in 2013, the rate decreased to a low of 32% in 2017 and 2018, before rebounding to 43% in 2022. Concurrently, average home prices in the neighborhood demonstrated a remarkable upward trajectory. In 2013, the average home price was $37,134, and by 2022, this figure had more than tripled to $121,101, indicating a substantial increase in property values over the decade. The relationship between federal interest rates and homeownership rates in East Price Hill reveals intriguing patterns. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates actually declined from 41% to 33%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to recover, climbing back to 43% by 2022. This suggests that local factors, such as employment opportunities and neighborhood development initiatives, may have played a more significant role in homeownership trends than interest rates alone.
Renter percentages in East Price Hill have inversely mirrored homeownership rates, peaking at 68% in 2017 before decreasing to 57% in 2022. Average rent prices have shown a general upward trend, increasing from $683 in 2013 to $766 in 2018. However, there was a slight decline to $667 in 2022. This decrease in average rent coupled with the increase in homeownership could indicate a shift towards more affordable housing options in the neighborhood or potentially reflect changes in the local rental market dynamics.
In 2023 and 2024, average home prices in East Price Hill continued their upward trajectory, reaching $123,504 in 2023 and $130,540 in 2024. This represents a 7.7% increase from 2022 to 2023 and a further 5.7% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and mortgage accessibility for prospective homebuyers.
Looking ahead, based on the trends observed, we can forecast potential scenarios for the next five years. Average home prices in East Price Hill are likely to continue their upward trend, potentially reaching around $150,000 to $160,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase to approximately $750 to $800 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, East Price Hill has experienced a notable resurgence in homeownership rates in recent years, coupled with significant appreciation in average home values. The neighborhood has demonstrated resilience and adaptability, with housing trends reflecting both broader economic conditions and local community developments. As East Price Hill continues to evolve, it presents an intriguing mix of opportunities for both homeowners and renters in the Cincinnati metropolitan area.
