South Side CAN, a Columbus, Ohio neighborhood, has undergone significant changes in its housing market over the past decade. From 2013 to 2022, the area experienced a slight decline in homeownership rates, dropping from 42% to 38%. Concurrently, average home prices skyrocketed by 539%, rising from $30,828 in 2013 to $196,851 in 2022. This dramatic increase in home values likely contributed to the decrease in homeownership rates as affordability became a growing concern for potential buyers.

Federal interest rates played a crucial role in shaping homeownership trends in South Side CAN. Between 2013 and 2020, historically low interest rates ranging from 0.09% to 0.38% helped maintain relatively stable homeownership rates despite rising home prices. However, as interest rates climbed to 1.68% in 2022, homeownership dipped slightly to 38%, suggesting that higher borrowing costs may have deterred some potential buyers.

As homeownership rates declined, renter percentages in South Side CAN increased correspondingly. The proportion of renters rose from 58% in 2013 to 62% in 2022. Average rent prices also increased, albeit less dramatically than home prices, rising from $846 in 2013 to $874 in 2022, a 3.3% increase. The relatively modest rise in rent prices compared to the substantial increase in home values may have made renting a more attractive option for many residents, contributing to the higher percentage of renters.