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Santa Clara, Dayton: Rising Home Values Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Santa Clara neighborhood in Dayton, Ohio, has experienced significant changes in its housing market over the past decade. This urban area has seen fluctuations in homeownership rates alongside notable increases in average home prices and rent costs. The neighborhood has generally maintained a higher proportion of renters compared to homeowners, with average home prices showing a remarkable upward trajectory, particularly in recent years. An analysis of the trends between ownership percentage and average home prices reveals an interesting pattern. In 2013, the homeownership rate was 29%, with average home prices at $16,440. By 2017, as average home prices increased to $22,034, the homeownership rate decreased slightly to 27%. However, by 2022, despite average home prices rising significantly to $58,761, the homeownership rate increased to 31%. This suggests that rising home values did not necessarily deter homeownership in the neighborhood, potentially indicating other factors at play such as local economic improvements or demographic changes.
The relationship between federal interest rates and homeownership rates in Santa Clara shows some correlation. For instance, in 2013, when interest rates were low at 0.11%, the homeownership rate was 29%. As interest rates gradually increased, reaching 1.83% in 2018, the homeownership rate fluctuated, peaking at 35% that year. Interestingly, even as interest rates rose sharply to 1.68% in 2022, the homeownership rate remained relatively stable at 31%, suggesting that local factors may have a stronger influence on homeownership than national interest rates in this neighborhood.
Examining renter percentages and average rent prices reveals a complex relationship. In 2013, with 71% of residents renting, the average rent was $667. By 2017, the renter percentage increased to 73%, while average rent decreased slightly to $618. In 2022, despite a decrease in renter percentage to 69%, average rent rose significantly to $877. This trend suggests that rental demand remained strong even as prices increased, possibly due to the neighborhood's desirability or limited housing supply.
The years 2023 and 2024 have seen continued growth in average home prices in Santa Clara. In 2023, the average home price reached $58,962, a slight increase from 2022. By 2024, this figure rose further to $64,207, representing a 9% increase in just one year. Concurrently, federal interest rates have remained high, standing at 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, the continued rise in home prices suggests strong demand for housing in the neighborhood.
Looking ahead, predictive models forecast a continued upward trend in both average home prices and rent costs over the next five years. Home prices are expected to maintain their growth trajectory, potentially reaching the $75,000 to $80,000 range by 2029. Rent prices are also projected to increase, possibly surpassing $1,000 per month on average within the same timeframe. These predictions are based on the historical trends and current market conditions in Santa Clara.
In summary, the Santa Clara neighborhood has demonstrated resilience and growth in its housing market. Despite fluctuations in homeownership rates, average home prices have shown consistent appreciation, particularly in recent years. The rental market has remained robust, with increasing rent prices not significantly deterring demand. The neighborhood's ability to maintain relatively stable homeownership rates amid rising home prices and interest rates suggests a strong local economy and continued attractiveness to both buyers and renters. As the area continues to evolve, it's likely to see further appreciation in property values and rental costs, reinforcing its position as a dynamic part of Dayton's urban landscape.
