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Rising Home Values and Stable Ownership: Eastmont's Resilient Housing Market
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
Eastmont, a neighborhood in Dayton, Ohio, has demonstrated remarkable resilience and growth in its housing market over the past decade. This area has experienced significant changes in homeownership rates and property values, reflecting broader economic trends and local market conditions. The homeownership rate in Eastmont has fluctuated over the years, showing a general trend towards increased owner occupancy. In 2013, the neighborhood had an 82% homeownership rate, which decreased to 72% in 2015 before rising to 83% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. The average home price in Eastmont rose from $64,720 in 2013 to $132,867 in 2022, representing a significant 105% increase over nine years.
The relationship between federal interest rates and homeownership rates in Eastmont appears to follow established economic patterns. From 2013 to 2016, relatively low interest rates (ranging from 0.09% to 0.4%) coincided with a slight increase in homeownership from 82% to 75%. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Eastmont actually increased to 83%, possibly indicating other local factors influencing home buying decisions.
Renter percentages in Eastmont have inversely mirrored the homeownership trends. The renter-occupied share peaked at 28% in 2015 when the average rent was $819. Interestingly, as the renter percentage decreased to 17% by 2022, the average rent remained relatively stable, reaching $830. This suggests that while fewer units were being rented, those that were commanded similar prices, possibly due to improved quality or increased demand for the limited rental stock.
The most recent data shows that the average home price in Eastmont continued its upward trajectory, reaching $142,383 in 2023 and $149,753 in 2024. This represents a 12.7% increase from 2022 to 2024, indicating a robust housing market despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen home values in the neighborhood, suggesting strong local demand or other supportive economic factors.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in Eastmont, albeit potentially at a more moderate pace due to the higher interest rate environment. Average home prices could potentially reach around $175,000 to $185,000 by 2029 if current trends persist. Rent prices may also see modest increases, potentially reaching an average of $900 to $950 per month in the same timeframe, assuming stable economic conditions and continued demand for rental properties in the area.
In summary, Eastmont has demonstrated a resilient and growing housing market over the past decade. The neighborhood has seen a significant increase in homeownership rates, coupled with substantial appreciation in home values. Despite fluctuations in federal interest rates, the local real estate market has shown strong performance, with recent years marking particularly notable gains in property values. The rental market, while smaller, has maintained stable pricing even as the proportion of renters decreased. These trends suggest a neighborhood that is increasingly attractive to homeowners, with potential for continued growth in both the ownership and rental sectors in the coming years.
