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Summit View Forest: Soaring Home Values and Shifting Ownership in Columbus
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
Summit View Forest, a neighborhood in Columbus, Ohio, is characterized by its high population density and predominantly owner-occupied housing. Over the past decade, this area has undergone notable changes in homeownership rates and significant increases in both average home prices and rent costs.
The homeownership rate in Summit View Forest has shown a gradual decline with some fluctuations. In 2013, the neighborhood boasted an 82% homeownership rate, which remained relatively stable until 2017. However, by 2020, this rate had dropped to 76%. Interestingly, this decline coincided with a substantial increase in average home prices. From 2013 to 2020, the average home price rose from $184,794 to $278,441, representing a 50.7% increase. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
The relationship between federal interest rates and homeownership rates in Summit View Forest appears to follow general economic trends. When interest rates were historically low between 2013 and 2016, ranging from 0.09% to 0.40%, homeownership rates remained relatively stable at around 82-85%. However, as interest rates began to rise from 2017 onwards, reaching 2.16% by 2019, homeownership rates started to decline, dropping to 76% by 2020.
Renter percentages in Summit View Forest have shown an overall increase, mirroring the decline in homeownership. The renter population grew from 18% in 2013 to 24% in 2020. This trend coincided with a significant increase in average rent prices. In 2013, the average rent was $952, which rose to $1,130 by 2020, marking an 18.7% increase. The growing renter population and rising rent prices suggest an increasing demand for rental properties in the neighborhood.
In 2023 and 2024, Summit View Forest continued to experience growth in average home prices. The average home price reached $379,433 in 2023 and further increased to $397,056 in 2024. This represents a 10% increase over just two years. Notably, federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates in the neighborhood.
Looking ahead, based on the historical data and current trends, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to surpass $450,000 by 2029, while average rent prices could exceed $1,300 per month. However, the rate of increase may slow down if interest rates remain high, potentially affecting affordability and demand.
In summary, Summit View Forest has experienced a gradual shift towards a higher percentage of renters, coupled with substantial increases in both home values and rent prices. The neighborhood's desirability, as evidenced by its consistently high population density, suggests that demand for housing in this area remains strong. These trends indicate a dynamic real estate market in Summit View Forest, with potential opportunities and challenges for both homeowners and renters in the coming years.
