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Home Values and Ownership in Zip Code 44147: A Resilient Suburban Market in Broadview Heights, Ohio
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
Broadview Heights, Ohio, zip code 44147, is a suburban area characterized by a strong preference for homeownership and steady growth in both population and property values. Over the past decade, this community has maintained a consistently high rate of owner-occupied housing, while experiencing significant increases in average home prices and fluctuating rental costs.
The homeownership rate in Broadview Heights has remained remarkably stable, hovering around 82-83% from 2013 to 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $193,953, which rose to $309,437 by 2022, representing a substantial 59.5% increase over nine years. This trend suggests a strong correlation between the community's commitment to homeownership and the appreciation of property values.
Federal interest rates have played a significant role in shaping homeownership trends in Broadview Heights. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the sustained high levels of homeownership. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), the homeownership rate remained stable, indicating the area's resilience to moderate interest rate increases.
Renter occupancy in Broadview Heights has fluctuated slightly, ranging from 16% to 18% between 2013 and 2022. Interestingly, average rent prices have shown a more volatile pattern. In 2013, the average rent was $1,205, which decreased to $1,002 in 2019, before rising again to $1,014 in 2022. This represents a 15.9% decrease from 2013 to 2022, despite the area's population growth from 19,190 to 19,783 during the same period. The inverse relationship between rising home values and decreasing rent prices suggests that the rental market in Broadview Heights may be influenced by factors beyond simple supply and demand dynamics.
As of 2024, the average home price in Broadview Heights has reached $336,517, marking a continued upward trend from previous years. This increase aligns with the current federal interest rate of 5.33% in 2024, which, despite being higher than in recent years, hasn't significantly dampened the local housing market's growth.
Looking ahead, predictive models suggest that average home prices in Broadview Heights are likely to continue their upward trajectory over the next five years. Based on historical trends and current market conditions, we can project average home prices to potentially reach around $380,000 to $400,000 by 2029. Rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching an average of $1,100 to $1,200 per month in the same timeframe.
In summary, Broadview Heights (44147) demonstrates a robust and stable housing market characterized by high homeownership rates and steadily appreciating property values. The community has shown resilience to interest rate fluctuations, maintaining strong homeownership levels even as rates have increased. While the rental market has experienced some volatility, the overall trend points to a preference for homeownership in this suburban Ohio city. As the area continues to grow, it is likely to see further increases in property values, potentially attracting more homeowners and investors in the coming years.
