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Average Home Values and Ownership in Barberton: The Magic City's Changing Housing Landscape
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
Barberton, Ohio, known as the "Magic City" due to its rapid growth in the early 20th century, is a vibrant community located in Summit County. This city of approximately 27,169 residents has experienced interesting shifts in homeownership rates and housing prices over the past decade. From 2013 to 2022, Barberton saw a slight decrease in homeownership, while average home prices and average rent prices generally trended upward.
The homeownership rate in Barberton declined from 66% in 2013 to 64% in 2022, while average home prices rose significantly during this period. In 2013, the average home price was $64,752, which increased to $125,269 by 2022, representing a substantial 93.5% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained very low, ranging from 0.11% to 0.4%. During this period, homeownership in Barberton decreased slightly from 66% to 64%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to decline, reaching 62% by 2019. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The percentage of renters in Barberton increased from 34% in 2013 to 36% in 2022, correlating with a rise in average rent prices. In 2013, the average rent was $766, which increased to $798 by 2022, representing a 4.2% increase. However, it's worth noting that rent prices peaked at $845 in 2018 before slightly decreasing. The growing renter population, coupled with rising rent prices, suggests an increasing demand for rental properties in the city.
In 2023, the average home price in Barberton reached $132,679, continuing the upward trend observed in previous years. This represents a 5.9% increase from 2022. As of 2024, the average home price has further climbed to $141,071, marking a 6.3% increase from 2023. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homebuying decisions in the coming years.
Looking ahead, based on the observed trends, we can project that average home prices in Barberton may continue to rise over the next five years, potentially reaching around $170,000 by 2029. However, the rate of increase might slow down due to the higher interest rates. Average rent prices are also likely to continue their upward trajectory, potentially reaching approximately $870 by 2029, assuming a steady increase similar to recent years.
In summary, Barberton has experienced a gradual shift towards more renters and fewer homeowners over the past decade, coinciding with substantial increases in average home prices. The recent spike in federal interest rates, combined with rising property values, may continue to influence homeownership rates in the coming years. Despite some fluctuations, both average home prices and average rent prices have shown an overall upward trend, reflecting the changing dynamics of Barberton's housing market.
