Loading Content...
Wood Bridge Green: Home Values Double as Ownership Soars
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wood Bridge Green, a neighborhood in Columbus, Ohio, has experienced significant changes in homeownership and housing prices over the past decade. The community has seen a general trend of increasing homeownership, with average home prices rising steadily, while average rent prices have remained relatively stable.
The homeownership rate in Wood Bridge Green has shown a notable upward trend, increasing from 70% in 2013 to 89% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $158,838, which steadily climbed to $326,829 by 2022, representing a 106% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the neighborhood.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership in Wood Bridge Green increased from 70% to 76%. As interest rates began to rise more sharply from 2017 onwards, homeownership continued to grow, reaching 89% in 2022, possibly indicating other factors influencing this trend beyond just interest rates.
The renter population in Wood Bridge Green has decreased as homeownership increased. In 2013, 30% of the population were renters, which dropped to just 11% by 2022. Interestingly, despite this decrease in renters, the average rent price remained relatively stable, starting at $1,124 in 2013 and only increasing slightly to $1,178 by 2022. This stability in rent prices, despite the declining renter population, could be attributed to various factors such as local rent control measures or the quality of available rental properties.
Looking at the most recent data, average home prices in Wood Bridge Green continued their upward trajectory, reaching $346,856 in 2023 and $364,157 in 2024. This represents a further 11.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Wood Bridge Green to continue rising, potentially reaching around $450,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices, which have been more stable, may see a moderate increase to approximately $1,300 per month over the same period, assuming the current trend of slow growth continues.
In summary, Wood Bridge Green has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. Despite the decline in the renter population, average rent prices have remained relatively stable. The neighborhood's housing market has shown resilience and growth, even in the face of fluctuating interest rates. As we look to the future, Wood Bridge Green is likely to continue seeing appreciation in home values, potentially making it an attractive area for long-term real estate investment.
