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Brunswick's Rising Home Values: A Suburban Ohio City's Housing Market Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brunswick, located in Ohio, is a suburban community known for its family-friendly atmosphere and well-maintained parks. The city has experienced steady growth in homeownership and property values over the past decade, with notable fluctuations in average rent prices.
From 2013 to 2022, Brunswick saw a gradual increase in homeownership rates, rising from 77% to 76%. This trend coincided with a significant appreciation in average home prices, which grew from $157,224 in 2013 to $265,308 in 2022, representing a 68.7% increase. The peak homeownership rate was observed in 2018 at 81%, corresponding to an average home price of $190,976. This suggests a strong correlation between rising property values and homeownership rates in the city.
Federal interest rates have played a crucial role in shaping homeownership trends in Brunswick. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the increase in homeownership from 77% to 79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable, peaking at 81% in 2018 before slightly declining to 79% in 2019.
Renter percentages in Brunswick have fluctuated inversely to homeownership rates, decreasing from 22% in 2013 to 19% in 2018, before rising again to 24% by 2022. Average rent prices have shown a general upward trend, increasing from $951 in 2013 to $1,170 in 2022, a 23% rise. Notably, there was a spike in average rent prices to $1,181 in 2021, coinciding with a population increase to 39,922 residents, before slightly decreasing in 2022 as the population continued to grow to 40,002.
In 2023, the average home price in Brunswick reached $279,361, with federal interest rates rising sharply to 5.02%. As of 2024, the average home price has further increased to $290,639, while interest rates have climbed to 5.33%. These figures represent a continuation of the upward trend in property values, despite the significant rise in interest rates.
Looking ahead, predictive models suggest that average home prices in Brunswick are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the potential shift towards renting if higher interest rates make homeownership less attainable for some residents.
In summary, Brunswick has demonstrated a strong housing market with increasing property values and a generally high rate of homeownership. The interplay between federal interest rates, population growth, and housing affordability has shaped the city's real estate landscape. As the city continues to grow, balancing homeownership opportunities with rental options will be crucial for maintaining a diverse and thriving community.
