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Wexmoor's Housing Market: Rising Home Values and Resilient Ownership Rates
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
Wexmoor, a vibrant neighborhood in Columbus, Ohio, has experienced significant shifts in its housing market over the past decade. This area, known for its suburban charm and proximity to urban amenities, has seen fluctuating trends in homeownership rates and property values. From 2013 to 2022, the neighborhood witnessed a slight decline in owner-occupied homes, while average home prices and average rent prices generally trended upward.
The relationship between homeownership rates and average home prices in Wexmoor reveals an interesting dynamic. In 2013, the neighborhood boasted an 85% homeownership rate, with average home prices at $99,769. As average home prices steadily increased, reaching $234,060 by 2022, the homeownership rate experienced some fluctuation. Notably, it dipped to 73% in 2018 when average home prices were $152,079, before rebounding to 81% in 2022. This suggests that while rising home values may have initially challenged affordability for some residents, the community adapted, maintaining a strong homeownership base despite the significant 134.6% increase in average home prices over this period.
Federal interest rates have played a crucial role in shaping homeownership trends in Wexmoor. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 76% to 85%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight downward trend in homeownership, reaching a low of 73% in 2018. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership to 80% and 78% respectively, demonstrating the inverse relationship between interest rates and homeownership rates.
Renter percentages and average rent prices in Wexmoor have shown a correlation with population fluctuations. In 2013, with a population of 4,894, the renter percentage was 15%, and the average rent was $1,119. As the population declined to 4,226 in 2018, the renter percentage increased to 27%, with average rent rising to $1,233. This suggests that as the overall population decreased, a higher proportion of remaining residents chose to rent, potentially driving up rental prices. By 2022, with the population rebounding to 5,038, the renter percentage decreased to 19%, while average rent continued to climb to $1,372, indicating increased demand for rental properties despite a shift back towards homeownership.
In 2023 and 2024, Wexmoor's housing market continued its upward trajectory. Average home prices reached $246,018 in 2023 and further increased to $259,187 in 2024, representing a 5.4% year-over-year growth. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. These higher interest rates may impact future homeownership trends and affordability in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Wexmoor are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and overall property value appreciation. However, the rate of increase may stabilize as the market adjusts to economic conditions and housing supply dynamics.
In summary, Wexmoor has demonstrated resilience in its housing market, maintaining a strong homeownership base despite significant increases in property values. The interplay between federal interest rates, population changes, and housing preferences has shaped the neighborhood's real estate landscape. As Wexmoor moves forward, it is poised to remain an attractive area for both homeowners and renters, with continued growth in property values and rental rates expected in the coming years.
