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Gates Mills, Ohio: Steady Homeownership and Rising Home Values in a Small Village
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
Gates Mills, Ohio, is a small suburban community located in Cuyahoga County. Known for its picturesque landscapes and affluent residential areas, this village has maintained a consistently high rate of homeownership over the years. The ownership percentage has remained remarkably stable, while average home prices have shown a steady increase. Average rent prices, although representing a small portion of the housing market, have fluctuated over time.
The homeownership rate in Gates Mills has been exceptionally high, hovering around 95% for most of the observed period. From 2013 to 2017, the ownership rate remained constant at 95%. There was a slight increase to 96% in 2018, followed by a minor decline to 94% in 2019 and 2020. The most recent data from 2022 shows a slight decrease to 93%. Despite these small fluctuations, the overall trend indicates a strong preference for homeownership in the community.
Average home prices in Gates Mills have shown a consistent upward trend. In 2010, the average home price was $449,140. This figure experienced a slight dip in the following years, reaching $432,423 in 2012. However, from 2013 onwards, there has been a steady increase. By 2019, the average home price had risen to $509,755, representing a 13.5% increase from 2010. The growth accelerated significantly in recent years, with the average home price reaching $645,530 in 2022, a substantial 43.7% increase from 2010.
Federal interest rates have played a role in homeownership trends, although the impact appears less pronounced in Gates Mills due to its already high ownership rate. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership in Gates Mills remained stable at 95%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, there was a slight decrease in homeownership to 94%. However, the overall impact seems minimal given the village's consistently high ownership rates.
The rental market in Gates Mills represents a small but notable segment of the housing landscape. The percentage of renters has slightly increased from 5% in 2013 to 7% in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $1,556, which decreased to $1,445 in 2014. There was a significant spike in 2015, with average rent reaching $2,572. Since then, average rents have fluctuated, settling at $2,052 in 2022. This represents a 31.9% increase from 2013 to 2022, despite the intervening fluctuations.
Looking at the most recent data, the average home price in Gates Mills continued its upward trajectory, reaching $661,896 in 2023 and further increasing to $696,317 in 2024. This represents a 7.8% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Gates Mills will continue to rise, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $750,000 to $800,000 by 2029. Average rent prices are expected to follow a similar upward trend, potentially reaching $2,300 to $2,500 by 2029, assuming continued demand for rental properties in the area.
In summary, Gates Mills has maintained an exceptionally high rate of homeownership, with only minor fluctuations over the years. Average home prices have shown consistent growth, accelerating in recent years. The rental market, while small, has seen an increase in both the percentage of renters and average rent prices. Despite rising interest rates, the strong preference for homeownership in this affluent community is likely to persist, with both home prices and rents expected to continue their upward trajectory in the coming years.
