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Highland Heights Zip Code 44143: Rising Home Values Amidst Stable Ownership Rates
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
Highland Heights, located in zip code 44143 in Ohio, has experienced notable changes in homeownership rates and housing prices over the past decade. This suburban community, known for its proximity to Cleveland and excellent school system, has maintained a relatively stable population while witnessing shifts in its housing market dynamics.
The homeownership rate in zip code 44143 has shown a slight upward trend from 2013 to 2022. In 2013, 71% of residents were homeowners, and this figure increased to 73% by 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $164,340, which steadily rose to $263,706 by 2022, representing a substantial 60.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in zip code 44143 appears to follow the general trend of lower interest rates encouraging homeownership. For instance, from 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at 71%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate actually increased slightly to 73%, possibly due to residents locking in home purchases before further rate increases.
Renter percentages in zip code 44143 have shown a slight decrease, moving from 28% in 2013 to 27% in 2022. This decline in the renter population corresponds with an increase in average rent prices. In 2013, the average rent was $1,103, which fluctuated over the years but ultimately rose to $1,176 by 2022, representing a 6.6% increase. The relatively stable renter percentage despite rising rent prices could indicate a strong local rental market or limited affordable housing options for potential homebuyers.
In 2023 and 2024, the housing market in zip code 44143 continued its upward trajectory. The average home price reached $274,464 in 2023 and further increased to $285,486 in 2024, marking a 4.1% and 8.3% rise from 2022, respectively. This growth occurred despite significantly higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply.
Looking ahead, predictive models suggest that average home prices in zip code 44143 may continue to rise over the next five years, potentially reaching around $320,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,300 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 44143 has experienced a gradual increase in homeownership rates, accompanied by substantial growth in average home prices. The rental market has seen a slight decrease in the percentage of renters, while average rent prices have moderately increased. The area's ability to maintain high homeownership rates despite rising home prices and interest rates suggests a robust local economy and strong demand for housing in this suburban Ohio community.
