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Stilson, Columbus: Rising Home Values and Shifting Ownership in a Vibrant Neighborhood
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
Stilson, a neighborhood in Columbus, Ohio, has experienced significant changes in its housing market and demographic composition over the past decade. This small community has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics. From 2013 to 2022, Stilson witnessed a gradual decline in homeownership rates, dropping from 89% to 82%, with a low point of 79% in 2021. Concurrently, average home prices surged from $325,784 in 2013 to $539,533 in 2022, marking a substantial 65.6% increase. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents. Federal interest rates have played a crucial role in shaping homeownership trends in Stilson. When interest rates were exceptionally low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 89-90%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 81%. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in Stilson has grown steadily, increasing from 11% in 2013 to 18% in 2022. This rise in renters corresponds with an overall increase in average rent prices, which climbed from $1,203 in 2013 to $1,357 in 2022, a 12.8% increase. The population fluctuated during this period, peaking at 755 in 2014 before settling at 741 in 2022. These trends suggest a growing demand for rental properties, possibly driven by the rising costs of homeownership.
In 2023, the average home price in Stilson reached $571,657, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $596,291, while interest rates have slightly risen to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, potentially impacting affordability and market dynamics in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Stilson may continue to rise over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Stilson has experienced a gradual shift from a predominantly owner-occupied neighborhood to one with a growing renter population. This change has occurred alongside substantial increases in both home prices and rent, reflecting broader economic trends and local market pressures. The interplay between federal interest rates, housing affordability, and demographic shifts will likely continue to shape the neighborhood's residential landscape in the coming years.
