Loading Content...
Average Home Values Rise to $216,226 in Resilient Zip Code 44130, Middleburg Heights
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 44130, located in Middleburg Heights, Ohio, presents an intriguing landscape of homeownership and rental trends over the past decade. This suburban area has experienced notable shifts in its housing market, with average home prices steadily increasing and ownership rates remaining relatively stable.
The homeownership rate in zip code 44130 has shown remarkable consistency, hovering around 62-63% from 2013 to 2022. Despite this stability, average home prices have seen substantial growth. In 2013, the average home price was $114,746, which steadily increased to $195,716 by 2022, representing a 70.6% increase over this period. This trend suggests that while the proportion of homeowners remained steady, the value of their investments significantly appreciated.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, the homeownership rate in zip code 44130 remained stable at around 62%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 63% by 2022, possibly indicating that some renters took advantage of still-favorable rates to transition to homeownership before further increases.
Renter percentages in zip code 44130 have shown a slight upward trend, increasing from 35% in 2013 to 37% in 2022. This modest rise in renters coincided with an increase in average rent prices. In 2013, the average rent was $974, which rose to $1,026 by 2022, an increase of 5.3%. The population in the zip code remained relatively stable during this period, fluctuating between 49,824 and 51,599, suggesting that the increase in renters and rent prices was not primarily driven by population growth but rather by other market factors.
In 2023 and 2024, the housing market in zip code 44130 continued its upward trajectory. The average home price reached $205,315 in 2023 and further increased to $216,226 in 2024, representing a 5.3% year-over-year growth. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that average home prices in zip code 44130 are likely to continue their upward trend over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of the local real estate market.
In summary, zip code 44130 has demonstrated a resilient housing market characterized by steady homeownership rates, significantly appreciating home values, and a gradual increase in both renter percentages and average rent prices. The interplay between federal interest rates, home prices, and ownership trends highlights the complex dynamics shaping this suburban Ohio community's real estate landscape.
