Slate Hill, a neighborhood in Columbus, Ohio, has undergone significant demographic and economic changes over the past decade. This area has experienced a notable shift towards renting, with homeownership rates declining while average home prices and rents have steadily increased. The ownership percentage in Slate Hill has shown a consistent downward trend from 2013 to 2022. In 2013, 52% of residents owned their homes, but by 2022, this figure had dropped to just 30%. During this same period, average home prices in the neighborhood rose substantially. In 2013, the average home price was $66,144, and by 2022, it had increased to $178,958, representing a 170% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have priced out potential buyers, pushing more residents towards renting.

Federal interest rates have played a role in homeownership trends in Slate Hill. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), homeownership rates in the neighborhood remained relatively stable, hovering around 40-45%. However, as interest rates began to rise from 2017 onwards, homeownership rates in Slate Hill declined more rapidly. By 2022, when the federal interest rate reached 1.68%, the homeownership rate had fallen to 30%, indicating that higher borrowing costs may have deterred potential buyers.

As homeownership declined, the percentage of renters in Slate Hill increased significantly. In 2013, 48% of residents were renters, but by 2022, this figure had risen to 70%. Concurrently, average rent prices in the neighborhood rose from $1,072 in 2013 to $1,246 in 2022, an increase of 16.2% over nine years. The population of Slate Hill also grew during this period, from 2,579 in 2013 to 3,185 in 2022, potentially contributing to increased demand for rental properties and driving up rent prices.