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Rising Home Values and Shifting Ownership in North Hill, Akron
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
North Hill, an Akron, Ohio neighborhood known for its diverse community and rich history, has experienced significant changes in homeownership and property values over the past decade. The area has seen a gradual decline in owner-occupied housing, coupled with a steady increase in average home prices and rent costs.
The homeownership rate in North Hill decreased from 54% in 2013 to 47% in 2022, indicating a shift towards a more renter-dominated market. During this same period, average home prices showed a remarkable upward trend. In 2013, the average home price was $43,076, which steadily increased to $97,286 by 2022, representing a substantial 126% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in North Hill. In 2013, when interest rates were at a low 0.11%, the neighborhood had a higher homeownership rate of 54%. As interest rates began to rise, reaching 1.68% in 2022, the homeownership rate dropped to 47%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable, while higher rates can deter potential buyers.
The renter population in North Hill has grown from 46% in 2013 to 53% in 2022. This increase in renters has been accompanied by a rise in average rent prices. In 2013, the average rent was $784, which increased to $867 by 2022, representing a 10.6% increase over nine years. The population of North Hill has also fluctuated during this period, reaching 17,284 in 2022, which may have contributed to the increased demand for rental properties and subsequent rise in rent prices.
Looking at more recent data, the average home price in North Hill continued its upward trajectory, reaching $101,411 in 2023 and $108,220 in 2024. This represents a further 11.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates in the neighborhood.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in North Hill will continue to rise, potentially reaching around $130,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $950 per month within the same timeframe. These projections are based on the consistent upward trends observed in both home values and rental costs over the past decade.
In summary, North Hill has experienced a shift towards a renter-majority market, with homeownership rates declining as property values and rental costs have increased. The inverse relationship between federal interest rates and homeownership rates has been evident, with higher rates corresponding to lower ownership percentages. As the neighborhood continues to evolve, the balance between homeowners and renters, along with property values and rental costs, will likely remain key factors in shaping its residential landscape.
