Worthington Village North, a neighborhood in Columbus, Ohio, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area saw a substantial decrease in homeownership rates, dropping from 77% to 57%. This decline coincided with a steady increase in average home prices, which rose from $174,220 in 2013 to $282,237 in 2022, representing a 62% increase. The inverse relationship between homeownership rates and home prices suggests that rising costs may have made homeownership less accessible for some residents, leading to an increase in renting.

The relationship between federal interest rates and homeownership rates in Worthington Village North shows some correlation. Between 2013 and 2016, relatively low interest rates (ranging from 0.11% to 0.40%) coincided with higher homeownership rates (68% to 77%). However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined to 57%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.

As homeownership rates declined, the percentage of renters in Worthington Village North increased from 22% in 2013 to 43% in 2022. This shift was accompanied by a rise in average rent prices, which increased from $1,125 in 2013 to $1,217 in 2022, an 8.2% increase. The population of the neighborhood also grew during this period, from 1,196 in 2013 to 1,515 in 2022, potentially contributing to increased demand for rental properties and subsequently higher rent prices.