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Beverly, Toledo: Rising Home Values and Shifting Ownership in a Tree-Lined Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beverly, a neighborhood in Toledo, Ohio, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and rental market dynamics from 2013 to 2024. The data reveals a gradual shift towards renting, accompanied by substantial increases in home values.
From 2013 to 2022, Beverly witnessed a decline in owner-occupied housing from 77% to 71%. Concurrently, average home prices rose dramatically, increasing by 87% from $83,475 in 2013 to $155,985 in 2022. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents. For example, in 2015, when homeownership peaked at 78%, the average home price was $91,620. By 2020, as homeownership dropped to 70%, the average home price had climbed to $127,943.
Federal interest rates have played a significant role in shaping homeownership trends in Beverly. Between 2013 and 2016, historically low interest rates of 0.1% to 0.4% corresponded with stable homeownership rates of 76-78%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), homeownership started to decline slightly. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a brief increase in homeownership from 70% to 74%, likely due to more favorable borrowing conditions.
The percentage of renters in Beverly increased from 23% in 2013 to 29% in 2022. This trend aligns with the rise in average rent prices, which grew from $776 in 2013 to $840 in 2022, an 8.2% increase. The most significant jump in rent occurred between 2015 and 2016, rising from $804 to $863, a 7.3% increase in a single year. This period also saw a slight increase in the renter population from 21% to 22%. The neighborhood's population fluctuated during this time, peaking at 11,942 in 2019, which may have contributed to increased demand for rental properties.
In 2023, the average home price in Beverly reached $162,078, continuing the upward trend. The federal interest rate for 2023 was 5.02%, a significant increase from previous years. Moving into 2024, the average home price has further increased to $170,505, while the federal interest rate has slightly risen to 5.33%. These higher interest rates may impact affordability and potentially slow down the pace of home price appreciation in the near future.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Beverly may continue to rise over the next five years, but potentially at a more moderate pace due to higher interest rates. Average rent prices are likely to follow a similar upward trajectory, driven by increased demand for rental properties as homeownership becomes less affordable for some residents.
In summary, Beverly has experienced a gradual shift towards renting, with homeownership rates declining as home prices have substantially increased. The interplay between federal interest rates, housing prices, and rental market dynamics has shaped the neighborhood's housing landscape. The recent surge in interest rates, coupled with continued home price appreciation, suggests that affordability may become a growing concern for potential homebuyers in Beverly in the coming years.
