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Euclid Green: Rising Home Values and Shifting Ownership in Cleveland's Resilient 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
Euclid Green, a neighborhood in Cleveland, Ohio, has experienced significant changes in its housing market over the past decade. This area is characterized by a diverse residential landscape and evolving property trends that reflect broader economic shifts and local demographic dynamics. Homeownership rates in Euclid Green have shown a slight decline from 34% in 2013 to 33% in 2022. Concurrently, average home prices have seen a substantial increase. In 2015, the average home price was $34,258, which more than doubled to $73,007 by 2022, representing a 113% increase over seven years. This significant rise in home values may have contributed to the challenges faced by potential homebuyers in the neighborhood.
Federal interest rates have played a role in shaping homeownership trends in Euclid Green. From 2013 to 2016, interest rates remained historically low, ranging from 0.09% to 0.4%, during which homeownership rates stayed relatively stable at around 34-36%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates showed a slight decline to 33%. This trend aligns with the understanding that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The rental market in Euclid Green has also undergone changes. The percentage of renters increased from 65% in 2013 to 67% in 2022, indicating a growing preference or necessity for rental housing. Average rent prices have shown overall growth, albeit with fluctuations. In 2013, the average rent was $743 per month, rising to $914 by 2018, a 23% increase over five years. A notable decrease occurred in 2020 to $759, possibly due to the economic impacts of the COVID-19 pandemic. By 2022, average rent had rebounded to $869, demonstrating resilience in the rental market.
Recent data shows that 2023 saw a slight decrease in average home prices to $68,611, down from $73,007 in 2022. However, in 2024, prices began to climb again, reaching $71,023. This recovery is occurring despite the significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates could potentially impact future homebuying activity in the neighborhood.
Predictive models forecast continued growth in both average home prices and rent in Euclid Green over the next five years. Home prices are projected to increase by approximately 20-25%, potentially reaching around $88,000 by 2029. Average rent prices are expected to follow a similar trajectory, with a projected increase of 15-20%, potentially reaching $1,000 per month by 2029. These predictions are based on historical trends and current market conditions, assuming relative economic stability.
In conclusion, Euclid Green has experienced a notable increase in property values and a slight shift towards renting over the past decade. The neighborhood has shown resilience in its housing market, with both home prices and rents generally trending upward despite economic fluctuations. The interplay between federal interest rates, homeownership rates, and housing affordability continues to shape the residential landscape of this Cleveland neighborhood.
