Loading Content...
Rising Home Values and Shifting Ownership in Highland Square: 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
Highland Square, a vibrant neighborhood in Akron, Ohio, has experienced significant changes in homeownership and housing prices over the past decade. This area, known for its diverse community and eclectic mix of local businesses, reflects broader economic trends and shifts in the local real estate market.
The homeownership rate in Highland Square has declined slightly, from 43% in 2014 to 40% in 2022. Simultaneously, average home prices have increased substantially, rising from $75,404 in 2010 to $141,565 in 2022, an 87.7% increase over 12 years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have influenced homeownership trends in Highland Square. From 2010 to 2015, when interest rates were historically low (0.09% to 0.18%), the homeownership rate remained stable at around 43%. However, as interest rates rose from 2016 onwards, reaching 1.68% in 2022, the homeownership rate declined to 40%. This trend aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in Highland Square has grown from 57% in 2014 to 60% in 2022, correlating with changes in average rent prices. Average rent increased from $794 in 2014 to $981 in 2022, a 23.6% rise over eight years. This increase in both renter percentage and average rent prices indicates a growing demand for rental properties in the area, possibly driven by rising homeownership costs and changing demographic preferences.
In 2023 and 2024, Highland Square continued to see growth in average home prices, reaching $145,590 in 2023 and $154,570 in 2024, a 9.2% increase from 2022 to 2024. Federal interest rates also rose significantly during this period, hitting 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Based on observed trends, projections suggest that average home prices in Highland Square may continue to rise over the next five years, potentially reaching around $180,000 by 2029. Average rent prices could also see a steady increase, potentially surpassing $1,100 per month within the same timeframe. These projections assume continued economic growth and sustained demand for housing in the area.
In summary, Highland Square has experienced a gradual shift towards a renter-majority population, coupled with significant increases in both average home prices and rent. The interplay between federal interest rates, housing affordability, and changing demographics has shaped these trends, resulting in a dynamic and evolving real estate market in this Akron neighborhood.
