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Rising Home Values in Three Rivers: Columbus Neighborhood Shows 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
Three Rivers, a neighborhood in Columbus, Ohio, has experienced notable shifts in homeownership and housing prices over the past decade. This area has seen fluctuations in its population, with a recent count of 3,948 residents in 2022. The neighborhood has generally maintained a high rate of homeownership, while average home prices and rent have shown an upward trajectory.
The homeownership rate in Three Rivers has remained relatively stable, with some fluctuations. In 2013, the homeownership rate stood at 76%, and by 2022, it had slightly decreased to 75%. Despite this minor decline, the average home prices in the neighborhood have seen a significant increase. In 2013, the average home price was $85,987, and by 2022, it had risen dramatically to $223,535, representing a 160% increase over this period. This trend suggests that while homeownership rates remained relatively steady, property values in the area appreciated considerably.
Federal interest rates have played a role in homeownership trends in Three Rivers. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 76%. As interest rates began to rise, reaching 1.68% in 2022, the homeownership rate slightly decreased to 75%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Three Rivers have shown some variability over the years. In 2013, renters made up 23% of the population, and by 2022, this figure had increased slightly to 25%. Interestingly, average rent prices have not followed a consistent upward trend like home prices. In 2013, the average rent was $957, rising to $1,245 in 2018, but then decreasing to $1,164 in 2022. This fluctuation in rent prices, despite the overall increase in home values, suggests a complex rental market influenced by various factors including population changes and housing supply.
In 2023 and 2024, Three Rivers continued to see growth in average home prices. The average home price reached $234,819 in 2023 and further increased to $248,471 in 2024. This represents a 5% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates in the neighborhood.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in Three Rivers will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Rent prices, which have shown more volatility, are expected to stabilize and potentially increase moderately, possibly reaching an average of $1,300-$1,400 per month in the same timeframe.
In summary, Three Rivers has maintained a strong homeownership base despite rising property values. The neighborhood has experienced substantial appreciation in home prices, outpacing changes in rent. While federal interest rates have risen sharply in recent years, their full impact on homeownership in the area remains to be seen. The continued rise in home values suggests ongoing demand for housing in this Columbus neighborhood, potentially driven by its desirable location or local amenities.
