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Rising Home Values and Stable Ownership in Patterson Park, Dayton
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Patterson Park, a vibrant neighborhood in Dayton, Ohio, has experienced notable changes in home values and ownership rates over the past decade. This analysis examines the trends in homeownership, property values, and rental market dynamics from 2013 to 2024, with projections extending to 2029.
The homeownership rate in Patterson Park has remained relatively stable between 75-80% from 2013 to 2022. In 2013, the rate was 79% with an average home price of $117,723. By 2022, as average home prices increased to $197,696, the homeownership rate slightly decreased to 75%. This indicates a minor inverse relationship between rising home values and homeownership rates.
Federal interest rates have influenced homeownership trends in Patterson Park. In 2021, when interest rates were at historic lows of 0.08%, the neighborhood experienced a slight dip in homeownership to 74%. As interest rates rose to 1.68% in 2022, homeownership stabilized at 75%, possibly indicating a shift back towards owner-occupancy as investor activity decreased.
Renter percentages in Patterson Park have shown a slight upward trend, increasing from 21% in 2013 to 25% in 2022. This change coincides with fluctuations in average rent prices. In 2013, the average rent was $836, peaking at $1,077 in 2014 before dropping to $588 in 2019. Rent prices then rebounded sharply, reaching $1,121 by 2022. The increase in renter percentage, despite rising rent prices, may be attributed to population growth, which increased from 3,952 in 2013 to 4,474 in 2022.
As of 2024, the average home price in Patterson Park has risen to $214,925, a substantial increase from previous years. This growth occurs against the backdrop of higher federal interest rates, which stand at 5.33% in 2024. The combination of rising home prices and higher interest rates may present challenges for potential homebuyers in the neighborhood.
Predictive models suggest that average home prices in Patterson Park will continue to appreciate over the next five years, potentially reaching around $250,000 by 2029. Rent prices are also expected to follow an upward trajectory, possibly surpassing $1,300 per month within the same timeframe. These projections assume continued economic growth and stable local market conditions.
In summary, Patterson Park has demonstrated resilience in its homeownership rates despite rising property values. The neighborhood has experienced significant appreciation in home prices, particularly in recent years, while also seeing a rebound in rental rates after a period of decline. The interplay between federal interest rates, population growth, and local market dynamics continues to shape the housing landscape in this Dayton community, with trends pointing towards increased property values and rental costs in the near future.
