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West Akron's Housing Market: Average Home Values Surpass $100,000 Milestone
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Akron's Housing Market: Stability and Growth Amid Population Decline West Akron, a vibrant neighborhood in Akron, Ohio, has demonstrated remarkable resilience in its housing market over the past decade. Despite experiencing a declining population, the area has maintained stable homeownership rates while seeing significant growth in average home prices. This analysis examines the trends in homeownership, home values, and rental markets from 2013 to 2022, with projections for future years.
Homeownership rates in West Akron have remained relatively constant, fluctuating between 59% and 63% from 2013 to 2022. The rate stood at 60% in 2013 and slightly decreased to 59% by 2022. During this period, average home prices in the neighborhood showed a substantial upward trend. In 2013, the average home price was $43,488, which steadily increased to $93,600 by 2022, representing a significant 115% increase over nine years.
The relationship between federal interest rates and homeownership rates in West Akron reveals interesting patterns. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates slightly declined from 60% to 59%. As interest rates began to rise from 2016 to 2019 (0.4% to 2.16%), homeownership rates remained stable at 60%. Notably, when interest rates dropped significantly in 2020 to 0.38%, homeownership rates in West Akron increased to 63%, the highest in the observed period. This suggests that while there is some correlation between interest rates and homeownership, local factors also play a significant role in homeownership trends.
Renter percentages in West Akron have fluctuated slightly, ranging from 37% to 42% between 2013 and 2022. The average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $749, which increased to $818 by 2022, representing a 9.2% increase. It's worth noting that there were some fluctuations in rent prices during this period, with the highest average rent of $881 recorded in 2021. These changes in rent prices and renter percentages occurred against a backdrop of declining population, from 20,944 in 2013 to 18,066 in 2022, which may have influenced the rental market dynamics.
The most recent data shows that the average home price in West Akron for 2023 was $93,527, showing a slight decrease from 2022. However, projections for 2024 indicate a rebound, with average home prices expected to reach $101,171. This represents an 8.2% increase from 2023 to 2024. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact homebuying trends in the coming years.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in West Akron. If the current trajectory persists, average home prices could potentially reach around $120,000 to $130,000 by 2029. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of $900 to $950 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In conclusion, West Akron has shown resilience in its housing market over the past decade. Despite a declining population, homeownership rates have remained relatively stable, while average home prices have more than doubled. The rental market has seen more moderate increases in prices. The neighborhood's ability to maintain steady homeownership rates in the face of rising home prices and fluctuating interest rates suggests a strong local housing demand. As we look to the future, West Akron appears poised for continued growth in its housing market, with both home prices and rent expected to rise, albeit at different rates.
