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Average Home Values and Ownership in Zip Code 44212: Brunswick's Shifting 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
Brunswick, located in zip code 44212 in Ohio, has experienced notable changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in this suburban community. From 2013 to 2022, the homeownership rate in Brunswick showed slight fluctuations but maintained a relatively stable trend. The rate peaked at 80% in 2018 before gradually declining to 75% in 2022. During this period, average home prices in the area demonstrated a steady upward trajectory. In 2013, the average home price was $156,945, which increased to $264,986 by 2022, representing a significant 68.8% growth over nine years.
The relationship between federal interest rates and homeownership rates in Brunswick shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively high, between 76% and 79%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates from 79% to 75%.
Renter percentages in Brunswick have shown a gradual increase from 22% in 2013 to 25% in 2022. This trend coincides with rising average rent prices. In 2013, the average rent was $963, which increased to $1,108 by 2022, representing a 15.1% increase over the period. The growing renter population, from 9,534 in 2013 to 11,254 in 2022, may have contributed to the upward pressure on rent prices.
In 2023 and 2024, the housing market in Brunswick continued its upward trajectory. The average home price reached $279,080 in 2023 and further increased to $290,375 in 2024, representing a 5.3% and 4% year-over-year growth, respectively. This growth occurred despite the sharp rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Applying predictive models to forecast future trends, we can expect the average home prices in Brunswick to continue rising over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $320,000 to $340,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,300 to $1,400 per month in the same timeframe, driven by population growth and increased housing demand.
In summary, Brunswick has experienced steady growth in both average home prices and average rent prices over the past decade. While homeownership rates have slightly decreased, they remain relatively high. The continued rise in housing costs, coupled with population growth, suggests a robust and competitive housing market in this Ohio suburb for the foreseeable future.
