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Whittier Park, Canton: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Whittier Park: A Decade of Housing Market Transformation Whittier Park, situated in Canton, Ohio, has undergone significant changes in its housing market over the past decade. This neighborhood has experienced notable shifts in homeownership rates, average home prices, and rental costs, reflecting broader economic trends and local market dynamics. From 2013 to 2022, Whittier Park witnessed a decline in homeownership rates. In 2013, the neighborhood had an equal distribution of owners and renters, with 50% of residents owning their homes. However, by 2022, this figure had decreased to 43%. Concurrent with this downward trend in homeownership, there was a substantial increase in average home prices. The average home price in the neighborhood rose from $20,161 in 2012 to $49,292 in 2022, representing a remarkable 144% increase over a ten-year period.
The relationship between federal interest rates and homeownership rates in Whittier Park aligns with established trends. During the period of low interest rates from 2013 to 2016, ranging between 0.09% and 0.4%, the homeownership rate experienced only a modest decline from 50% to 42%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to fluctuate, ultimately settling at 43% in 2022. This suggests that while low interest rates initially helped sustain homeownership, other factors, such as rapidly increasing home prices, may have outweighed the benefits of low borrowing costs.
As homeownership declined, the renter population in Whittier Park grew. The percentage of renters increased from 50% in 2013 to 57% in 2022. Interestingly, average rent prices did not show a consistent upward trend despite the increasing demand for rentals. The average rent was $576 in 2013, peaked at $697 in 2018, and then decreased to $648 in 2022. This fluctuation in rent prices, despite the growing renter population, could be attributed to various factors, including changes in the local economy or housing supply.
Recent data shows that the average home price in Whittier Park decreased slightly to $45,195 in 2023 but rebounded strongly to $53,064 in 2024. This recent surge in home prices occurred despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong demand in the local housing market despite higher borrowing costs.
Predictive models forecast that average home prices in Whittier Park will continue to rise over the next five years, potentially reaching around $65,000 by 2029. This projection is based on the historical growth rate and recent market resilience. Average rent prices are expected to increase moderately, potentially reaching approximately $700 by 2029, assuming continued demand for rental properties in the area.
In conclusion, Whittier Park has transitioned to a renter-majority population over the past decade, accompanied by significant appreciation in home values. Despite fluctuations in the rental market, the overall trend indicates a neighborhood that is becoming increasingly attractive to investors and renters alike. The recent surge in home prices, even in the face of rising interest rates, underscores the strong demand for housing in this Canton neighborhood.
