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Brookside, Ohio: Rising Home Values and High Ownership Rates in a Small Community
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
Brookside, Ohio is a small community with a population that has fluctuated between 710 and 880 residents over the past decade. This charming village has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Brookside has shown significant variability over the years, with a general trend towards increased homeownership. In 2013, the homeownership rate stood at 85%, and after some fluctuations, it reached a peak of 90% in 2022. This upward trend in homeownership coincided with a steady increase in average home prices. The average home price in Brookside rose from $73,602 in 2010 to $113,678 in 2022, representing a substantial 54.4% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Brookside appears to follow expected patterns. As interest rates remained historically low between 2010 and 2021, ranging from 0.08% to 0.4%, homeownership rates generally increased. The village saw its highest homeownership rate of 90% in 2022 when interest rates were still relatively low at 1.68%. This aligns with the principle that lower interest rates tend to encourage homeownership by making mortgage financing more affordable.
Renter percentages in Brookside have inversely mirrored the homeownership trends. The proportion of renters decreased from 15% in 2013 to 9% in 2022. Interestingly, average rent prices showed an overall upward trend despite the decreasing renter population. The average rent increased from $658 in 2013 to $1,019 in 2021, a 54.9% rise. However, there was a significant drop to $708 in 2022, possibly reflecting the reduced demand as more residents became homeowners.
In 2023 and 2024, Brookside experienced some notable changes in the housing market. The average home price slightly decreased to $110,820 in 2023 but rebounded to $116,361 in 2024. This occurred as federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Brookside may continue to rise over the next five years, albeit at a more moderate pace. Given the recent interest rate increases, we might expect a slight cooling in the rate of price appreciation. Average rent prices are projected to stabilize and potentially increase gradually, as the rental market adjusts to the high homeownership rates and changing economic conditions.
In summary, Brookside has demonstrated a strong trend towards homeownership, with rates reaching as high as 90% in recent years. This shift has been accompanied by significant increases in both average home prices and rent prices over the past decade. The interplay between federal interest rates, homeownership rates, and housing prices in this small Ohio community provides an interesting microcosm of broader housing market dynamics.
