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Rising Home Values and Stable Ownership in Alum Crest Acres: A Decade of Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Alum Crest Acres, a neighborhood in Columbus, Ohio, has experienced significant changes in its housing market over the past decade. This area has seen relatively stable homeownership rates alongside substantial increases in average home prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Alum Crest Acres has remained relatively steady, fluctuating between 70% and 77% from 2013 to 2022. During this same period, average home prices showed a consistent upward trend. In 2010, the average home price was $114,123, which steadily increased to $249,186 by 2022, representing a significant 118% increase over 12 years. This trend suggests a growing demand for homeownership in the area, potentially driven by the neighborhood's appeal and broader economic factors.
Federal interest rates have played a crucial role in shaping homeownership trends. During periods of low interest rates, such as from 2010 to 2016 when rates remained below 0.5%, homeownership in Alum Crest Acres remained relatively stable. The slight increase in homeownership from 70% in 2014 to 72% in 2017 coincided with interest rates rising from 0.09% to 1%, potentially indicating a rush to purchase homes before rates increased further. As interest rates continued to rise to 2.16% in 2019, homeownership peaked at 77%, suggesting that residents were motivated to buy before financing became more expensive.
Renter percentages in Alum Crest Acres have inversely mirrored homeownership rates, ranging from 23% to 29% between 2013 and 2022. Average rent prices have shown volatility, with notable fluctuations. In 2013, the average rent was $826, which increased to $911 by 2017, representing a 10.3% rise. However, rent prices then decreased to $759 in 2019 before rising again to $925 in 2022, a 21.9% increase over three years. These fluctuations may be attributed to changes in local demand, housing supply, and broader economic conditions affecting the rental market.
In 2023 and 2024, Alum Crest Acres continued to see growth in average home prices. The average home price reached $256,774 in 2023 and further increased to $262,594 in 2024, representing a 2.3% year-over-year increase. This growth occurred despite the Federal Reserve interest rate rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to dampen home buying activity. The continued price appreciation suggests strong underlying demand for homes in the neighborhood, possibly due to its desirable location or limited housing supply.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Alum Crest Acres may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might suggest average home prices reaching around $290,000 to $300,000 by 2029. Average rent prices are likely to follow a similar upward trajectory, potentially reaching $1,050 to $1,100 per month by 2029, assuming continued demand for rental properties in the area.
In summary, Alum Crest Acres has demonstrated resilience and growth in its housing market. The neighborhood has maintained a stable majority of homeowners while experiencing significant appreciation in average home values. Despite fluctuations in the rental market and rising interest rates, the area continues to attract both homeowners and renters, indicating its enduring appeal as a residential location in Columbus, Ohio.
