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Wesleyan Hill's Housing Market: Rising Home Values and Shifting Ownership Patterns
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
Wesleyan Hill, a neighborhood in Dayton, Ohio, has experienced significant changes in its housing market and demographic composition over the past decade. This area has seen notable fluctuations in homeownership rates and property values, reflecting broader economic trends and local market conditions.
The homeownership rate in Wesleyan Hill has shown a general decline from 2013 to 2022. In 2013, 40% of residences were owner-occupied, but by 2022, this figure had dropped to 30%. This downward trend in homeownership coincided with a substantial increase in average home prices. In 2018, the average home price in the neighborhood was $32,313. By 2022, this figure had more than doubled to $70,639, representing a remarkable 118.6% increase over just four years.
The relationship between federal interest rates and homeownership rates in Wesleyan Hill reflects broader economic patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, the homeownership rate in the neighborhood remained relatively stable, fluctuating between 38% and 44%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined more sharply, falling from 35% in 2017 to 30% in 2022. This trend suggests that rising interest rates may have contributed to making homeownership less affordable for residents in the area.
Conversely, the percentage of renters in Wesleyan Hill has increased from 60% in 2013 to 69% in 2022. This rise in renter-occupied housing has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $772 per month. It decreased to $695 in 2016 before rising again to $764 in 2022, representing a modest overall decrease of 1% over the nine-year period. The population of Wesleyan Hill has also fluctuated during this time, from 1,863 residents in 2013 to 2,121 in 2022, which may have influenced demand for rental properties and, consequently, rent prices.
Looking at the most recent data, the average home price in Wesleyan Hill was $68,927 in 2023, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $75,468, indicating continued growth in property values. The federal interest rate in 2023 was 5.02%, rising to 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Wesleyan Hill will continue to rise, potentially reaching around $90,000 by 2029. This projection is based on the strong growth trend observed from 2018 to 2024. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $900 per month by 2029. These predictions assume a continuation of current economic conditions and local market factors.
In summary, Wesleyan Hill has experienced a significant shift towards a renter-majority community over the past decade, with homeownership rates declining as property values have dramatically increased. The interplay between rising home prices, fluctuating rent costs, and changing interest rates has shaped the neighborhood's housing landscape. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the local community's demographics and housing affordability.
