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Victorian Village: Rising Home Values and Shifting Ownership in a Historic Columbus 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
Victorian Village, a historic neighborhood in Columbus, Ohio, has experienced significant changes in its housing market over the past decade. Known for its charming architecture and tree-lined streets, the area has seen notable trends in homeownership rates, average home prices, and rent costs. The homeownership rate in Victorian Village has steadily declined from 36% in 2013 to 27% in 2022. This decrease coincides with a substantial increase in average home prices, which rose from $256,115 in 2013 to $451,213 in 2022, representing a 76% increase over nine years. The inverse relationship between these factors suggests that rising home prices may have made homeownership less attainable for many residents. Federal interest rates have played a significant role in shaping homeownership trends in Victorian Village. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 33-36%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined more sharply, dropping from 31% in 2017 to 27% in 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable and discourage homeownership.
As homeownership declined, the percentage of renters in Victorian Village increased from 64% in 2013 to 73% in 2022. This shift towards renting coincided with a dramatic rise in average rent prices, which more than doubled from $685 in 2013 to $1,468 in 2022, representing a 114% increase over nine years. This growth in rent prices outpaced the increase in home prices percentage-wise. The population of Victorian Village fluctuated during this period, reaching 4,717 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
Recent data shows that the average home price in Victorian Village continued to rise in 2023, reaching $459,002. However, in 2024, there was a slight decrease to $442,201. This recent dip coincides with a further increase in federal interest rates, which reached 5.33% in 2024, potentially cooling the housing market. These higher interest rates may be impacting home affordability and buyer demand in the neighborhood.
Predictive models forecast that average home prices in Victorian Village may experience moderate growth over the next five years, albeit at a slower pace than the previous decade due to higher interest rates. Average rent prices are expected to continue rising, driven by the ongoing demand for rental properties in this desirable urban neighborhood.
In conclusion, Victorian Village has witnessed a clear shift towards renting, with homeownership rates declining as both average home prices and average rent prices have significantly increased. The interplay between federal interest rates, housing affordability, and demographic changes has shaped these trends, creating a dynamic and evolving housing market in this historic Columbus neighborhood.
