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Westchester-Green Countrie: Resilient Housing Market Sees 148% Home Value Increase
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Westchester-Green Countrie, a neighborhood in Columbus, Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. These changes reflect broader economic trends and local market dynamics.
The neighborhood's homeownership rates have fluctuated notably. In 2013, the rate stood at 59%, but it dropped to its lowest point of 46% in 2018. However, by 2022, it had rebounded to 58%. This trend coincides with substantial changes in average home prices. The average home price in Westchester-Green Countrie rose from $95,175 in 2013 to $241,651 in 2022, representing a significant increase of 154% over this period.
The relationship between federal interest rates and homeownership rates in Westchester-Green Countrie follows established patterns. As interest rates remained low from 2013 to 2016, ranging from 0.11% to 0.40%, homeownership rates initially held steady around 58-59%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates declined, reaching a low of 46% in 2018. The subsequent drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership rates, climbing back to 57% by 2021 and 58% in 2022.
Renter percentages in Westchester-Green Countrie have generally mirrored the inverse of homeownership trends. The proportion of renters increased from 41% in 2013 to a peak of 54% in 2018, before declining to 42% in 2022. Average rent prices have shown an overall upward trend, rising from $940 in 2013 to $992 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $1,088. These trends in renter percentages and rent prices have been influenced by the neighborhood's growing population, which increased from 7,051 in 2013 to 7,076 in 2022, potentially creating more demand for rental properties.
Recent data shows that the average home price in Westchester-Green Countrie continued its upward trajectory, reaching $254,792 in 2023 and further increasing to $266,767 in 2024. This represents a 10.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the neighborhood.
Based on historical trends and current market conditions, projections suggest that average home prices in Westchester-Green Countrie may continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices could also see moderate increases, potentially surpassing $1,100 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Westchester-Green Countrie has experienced significant shifts in homeownership rates and housing prices over the past decade. The neighborhood has seen a recovery in homeownership rates in recent years, coupled with substantial increases in average home prices. Rent prices have also shown an overall upward trend, albeit with some fluctuations. The interplay between federal interest rates, housing prices, and ownership rates has been evident, with lower interest rates generally corresponding to higher homeownership rates. As we move forward, the neighborhood's housing market is likely to continue evolving, influenced by broader economic trends and local factors.
