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Riverside, Ohio: Rising Home Values and Stable Ownership in Air Force Base Proximity
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
Riverside, Ohio, a suburban city in Montgomery County, is known for its proximity to Wright-Patterson Air Force Base. Over the past decade, Riverside has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Riverside has remained relatively stable, hovering around 58% from 2013 to 2022. There have been slight variations, with the lowest point of 55% in 2015 and a consistent 58% from 2017 to 2021. Average home prices have shown a significant upward trend, particularly in recent years. In 2010, the average home price was $78,596, which remained relatively stable until 2015. From 2016 onwards, there was a marked increase, with prices rising to $142,265 by 2022, representing an 81% increase over the 12-year period.
The relationship between federal interest rates and homeownership rates in Riverside appears to be complex. Despite historically low interest rates between 2010 and 2021 (ranging from 0.08% to 2.16%), the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends in Riverside.
Renter percentages in Riverside have mirrored the homeownership rates, with a slight increase from 42% in 2013 to 45% in 2015, before settling back to 42-43% in recent years. Average rent prices have shown moderate fluctuations over the years. In 2013, the average rent was $944, which decreased to $904 in 2015. There was a gradual increase to $980 in 2021, followed by a notable decrease to $894 in 2022. These fluctuations in rent prices don't show a strong correlation with the changes in renter percentages, suggesting that other factors such as local economic conditions or housing supply may be influencing both metrics independently.
Looking at the most recent data, the average home price in Riverside continued to rise, reaching $149,621 in 2023 and $156,919 in 2024. This represents a 10.1% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and housing affordability in Riverside.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Riverside to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. If the current trend persists, average home prices could reach approximately $180,000 to $190,000 by 2029. For rent prices, the forecast is less clear due to recent fluctuations. However, if we assume a moderate increase based on long-term trends, average rent could potentially reach $1,000 to $1,100 per month by 2029.
In summary, Riverside has maintained a relatively stable homeownership rate despite significant increases in average home prices over the past decade. The rental market has shown more volatility in both percentage of renters and average rent prices. Recent sharp increases in interest rates, combined with rising home prices, may pose challenges for future homeownership in the area. However, Riverside's proximity to Wright-Patterson Air Force Base and its suburban character may continue to drive demand for both owned and rental housing in the coming years.
