Loading Content...
Westworth Village: Rising Home Values and Stable Ownership in Columbus, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Westworth Village, a small neighborhood in Columbus, Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, with fluctuations in ownership percentages and average rent prices.
The ownership percentage in Westworth Village has shown considerable variability from 2013 to 2022. In 2013, the homeownership rate stood at 88%, but it declined to 69% by 2017. However, there was a sharp rebound, reaching 95% in 2020 before settling at 89% in 2022. Interestingly, this fluctuation in homeownership rates coincided with a steady increase in average home prices. The average home price in the neighborhood rose from $140,538 in 2013 to $294,948 in 2022, representing a substantial 110% increase over this period.
The relationship between federal interest rates and homeownership rates in Westworth Village presents an intriguing pattern. Despite the general economic principle that lower interest rates encourage homeownership, this neighborhood showed some counterintuitive trends. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates actually decreased from 88% to 77%. Conversely, as interest rates began to rise from 2017 onwards, homeownership rates in the neighborhood also increased, reaching 95% in 2020 when the federal interest rate was 0.38%.
Renter percentages in Westworth Village have remained relatively low throughout the observed period, ranging from 2% in 2013 to 11% in 2022. Despite this low percentage, average rent prices have shown a general upward trend. The average rent increased from $1,150 in 2013 to $1,220 in 2022, with some fluctuations in between. The highest average rent was recorded in 2020 and 2021 at $1,288. It's worth noting that the increase in renter percentage from 5% in 2020 to 11% in 2022 coincided with a slight decrease in average rent from $1,288 to $1,220.
As of 2024, the average home price in Westworth Village has reached $327,452, continuing the upward trend observed in previous years. This represents a 10.9% increase from the 2022 average of $294,948. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than the rates seen in the past decade. This increase in interest rates could potentially impact future homeownership rates and housing affordability in the neighborhood.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Westworth Village may continue to rise over the next five years, potentially reaching around $400,000 by 2029. However, this growth rate might slow down due to the higher interest rates. Average rent prices are also likely to continue their upward trajectory, possibly reaching around $1,400 by 2029, assuming the current trends persist.
In summary, Westworth Village has experienced significant growth in average home prices over the past decade, with fluctuations in homeownership rates that don't always align with traditional economic expectations. The neighborhood has maintained a high rate of homeownership despite rising home prices, while rental rates have remained relatively low but are showing an increasing trend. The continued rise in both home prices and interest rates will likely play a crucial role in shaping the future housing landscape of this Columbus neighborhood.
