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Macedonia, Ohio: High Homeownership Rates Amid Rising Home Values
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
Macedonia, Ohio, located in Summit County, is a suburban city known for its excellent schools and proximity to major metropolitan areas. Over the past decade, Macedonia has experienced notable trends in homeownership and housing prices, reflecting the city's desirability and economic dynamics.
The homeownership rate in Macedonia has remained consistently high, hovering around 91-93% between 2013 and 2022. This stability in homeownership indicates a strong preference for owner-occupied housing in the community. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $185,065, which increased to $299,218 by 2022, representing a significant 61.7% growth over this period. This rise in home values suggests a robust real estate market in Macedonia, potentially driven by factors such as the city's amenities, quality of life, and economic opportunities.
The relationship between federal interest rates and homeownership rates in Macedonia appears to follow general economic principles. From 2013 to 2022, interest rates remained relatively low, ranging from 0.11% to 1.68%. This low-interest environment likely contributed to maintaining the high homeownership rates in Macedonia by making mortgages more affordable for potential buyers. The slight increase in homeownership from 91% in 2013 to 93% in 2020, coinciding with historically low interest rates (0.38% in 2020), supports this correlation.
Renter percentages in Macedonia have remained relatively low, fluctuating between 6% and 9% from 2013 to 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $1,405, peaking at $1,425 in 2014 before generally declining to $1,073 in 2022. This 23.6% decrease in average rent over the decade is noteworthy, especially considering the city's stable population, which stood at 13,449 in 2022. The inverse relationship between rising home values and declining rent prices could suggest a shift in the rental market dynamics, possibly influenced by factors such as new housing developments or changes in local economic conditions.
In 2023 and 2024, Macedonia's housing market continued its upward trajectory. The average home price reached $313,679 in 2023 and further increased to $322,589 in 2024, representing a 7.8% growth over these two years. This trend occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. The continued appreciation in home values, even in a high-interest rate environment, underscores the strong demand for housing in Macedonia.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Macedonia are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices, which have been declining, may stabilize or potentially see a slight increase as the rental market adjusts to the overall housing market conditions.
In summary, Macedonia's housing market is characterized by high homeownership rates, steadily increasing average home prices, and a somewhat volatile rental market. The city's ability to maintain high homeownership levels and property values, even in the face of rising interest rates, suggests a robust and desirable real estate market. These trends reflect Macedonia's appeal as a residential community and indicate a positive outlook for the city's housing market in the coming years.
