Columbus Residential Development Booming




Columbus residential development booming

During and just after the recession’s housing crash, single-family home construction in the Columbus area seemed to fall apart, much like it did across the nation. Foreclosure rates soared, prices fell and builders were suddenly left with too many homes they couldn’t get rid of.

Out of the ashes of this market rose a surge in rental demand. It suddenly made more and more sense to rent rather than to own, especially for young professionals and empty nesters who wanted to downsize during tough economic times. Not only did what housing people wanted change, but so did where they wanted it to be located.

Columbus experienced a relative boom in rental housing during the late 1990s into the first few years of the 2000s, but almost all of that rental housing was constructed along and outside of I-270, where the suburbs were exploding with growth. Inside of 270 saw little of this, and the urban core neighborhoods around Downtown were almost completely ignored altogether. Single-family housing became popular again during the early 2000s mild recession, and the housing boom that would help lead to the Great Recession of 2007-2009 really began at that time. However, it was in 2002 that the City and Mayor Coleman came up with a 10-year plan to help bring more residents to Downtown. It began offering tax incentives to developers who would build there, in some cases 100% abatements, in a goal to have 10,000 residential units built in and around Downtown by 2012.

I’ve done a ton of research on the results of this move by the city, and it did have an impact. From what I’ve been able to find (so far), Downtown and the surrounding neighborhoods saw the addition of less than 200 residential units between 2000 and 2002. 2003 saw over 500 alone with the new incentives package in place. Between 2003 and 2006, the area added over 2,000 new residential units, most of them condos. As the Great Recession hit in 2007, the rate of new projects slowed to half of what it was, though still higher than it was prior to 2003.

As the Great Recession eased and more financing became available, construction began to pick up once more. With the new trends in favor of urban living and rentals, the rental market has exploded and overall Columbus residential development is booming across all parts of the city.



1810 US Census



The 1810 US Census doesn’t exactly have a lot of information available. The earliest censuses seem to focus more on economic information rather than population and demographics.

In 1810, Ohio had just 36 counties and Columbus had not been founded yet. Franklin County, however, did exist at the time, as well as Franklinton and a few other towns.

Franklin County
Cotton Goods Value in Dollars: $6,043
Rank of Ohio’s Counties: 3rd
Flaxen Goods Value in Dollars: $13,935
Rank of Ohio’s Counties: 13th
Blended and Unnamed Cloths and Stuffs Value in Dollars: $9,927
Rank of Ohio’s Counties: 15th
Woolen Goods Value in Dollars: $2,496
Rank of Ohio’s Counties: 13th
# of Looms: 150
# of Naileries: 1
# of Tanneries: 5

That’s all I have for now, but if I find more information about the area in 1810, I will add it here.

King-Lincoln Neighborhood Profile



King-Lincoln neighborhood profile Columbus, Ohio

The Lincoln Theater.

This week is Demographics week. First up, ACD’s second neighborhood profile, featuring the King-Lincoln District, Columbus’ historically African American cultural heart.

I was going to write a history for the area, but this video tells it better than I ever could.

History aside, what I can do is provide a more detailed demographic picture from the past, present and possible future of the neighborhood.

Population
1930: 17,970
1940: 18,282
1950: 20,527
1960: 17,746
1970: 11,627
1980: 9,291
1990: 8,456
2000: 8,025
2010: 6,439

Population peaked around 1950, but during the 1950s began its long-term decline. Some might say this was a product of White Flight, but in this case, the neighborhood was already almost entirely non-White. The White Flight movement was more than just about racial demographic changes in neighborhoods, it was a factor of urban neglect. Just like in the rest of urban Columbus, King-Lincoln lost its urban appeal due to infrastructure deterioration, lack of city-focused leadership, decline of schools and increasing crime rates (among other things). One of the biggest blows to the area, just like what occurred with Olde Towne East to its south, was the construction of I-71 in the early 1960s. The highway cut the neighborhood off from Downtown, demolished hundreds of historic buildings, and allowed more people to effectively leave the neighborhood altogether. This is a good reason why the population dropped by almost 35% between 1960 and 1970.

The population loss rate had been slowing down each decade through 2000. During the 2000s, the city cleared out Poindexter Village, one of Columbus’ first public-housing projects and home to several hundred residents. This accounted for a very large chunk of the loss that occurred from 2000-2010 and why the loss increased during that time. The city is now tearing the complex down with plans for mixed-use development on the site. If not for this action by the city, it’s very likely that King-Lincoln would’ve had it’s lowest total population loss since the decline began in the 1950s.

Demographics
White
1990: 6.1%
2000: 6.2%
2010: 9.6%
Black
1990: 90.7%
2000: 87.7%
2010: 84.0%
Asian
1990: 2.4%
2000: 0.7%
2010: 0.5%
Hispanic
1990: 0.6%
2000: 1.1%
2010: 2.2%
Other
1990: 0.9%
2000: 5.4%
2010: 5.9%

% Change By Demographic for Each Decade
1990-2000

White: -3.7%
Black: -8.2%
Asian: -71.6%
Hispanic: +63.0%
Other: +501.4%
2000-2010
White: +24.5%
Black: -23.1%
Asian: -42.1%
Hispanic: +60.2%
Other: -11.8%
The demographics for the last 30 years show Hispanic and White populations are becoming an ever larger chunk of the neighborhood, while Asians have declined significantly. The African American population is still, by far, the largest demographic, but it too is on a long-term decline. This suggests a gradual gentrification of the neighborhood.

And what of the future of the area? Significant revitalization news has been coming out in recent months. As mentioned above, the 36-building Poindexter Village, long a hot spot for crime and concentrated poverty, is currently in the process of being torn down. The site will be replaced with residential, retail, office and arts space over time. A larger area plan was recently announced here: http://www.columbusunderground.com/pact-plans-165-million-strategic-redevelopment-for-near-east-side. The $165 million plan will focus on King-Lincoln’s main thoroughfares: East Long Street, Mount Vernon Avenue and Taylor Avenue. Increasing density with mixed-use development and revitalizing the commercial corridors is a big part of the plan, as well as infrastructure and green space improvement. Smaller developments include Homeport’s housing renovations, which have been very successful so far.

So while King-Lincoln has seen better days, the neighborhood is currently in transition. 5-10 years from now, the neighborhood should be radically changed, hopefully for the better. Its proximity to Downtown and other central neighborhoods give it a great advantage as the city has become fairly popular again.



Housing Impact of Immigration



Housing impact of immigration

The Impact of Immigration on the Housing Market

For this link, you can zoom to county level and see the housing impact of immigration. Basically, the more immigration, the greater the impact.

Columbus Housing Market May 2013



May home sales set a record for the month.
Columbus housing market May 2013

Through May, total sales are also way up, and were the 2nd highest for the 2000-2013 period.

The average May home sales price was the highest since 2006.

The average January-May sales price was also up.

To me, all this shows is that after the Recession’s downturn, housing in the Columbus area is seeing a strong recovery. In some cases, the recovery is already surpassing the market that existed pre-Recession.