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Maple Heights, Ohio: Home Values Double Amid Fluctuating 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
Maple Heights, a city in Ohio located southeast of Cleveland, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in this suburban community.
Homeownership rates in Maple Heights have fluctuated over the years, showing a general decline followed by a recent uptick. In 2013, the homeownership rate stood at 70%. This figure decreased steadily to 58% by 2019, indicating a shift towards renting. However, the trend reversed in recent years, with homeownership rising to 63% in 2022. Concurrently, average home prices in Maple Heights have shown a remarkable upward trajectory. In 2013, the average home price was $46,287. This figure more than doubled to $108,233 by 2022, representing a significant increase in property values.
The relationship between federal interest rates and homeownership rates in Maple Heights presents an interesting dynamic. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates initially declined. However, despite a sharp increase in interest rates to 1.68% in 2022, homeownership rates actually improved. This suggests that other local factors may have a stronger influence on homeownership in Maple Heights than national interest rate trends.
Renter percentages in Maple Heights have mirrored the inverse of homeownership trends. The proportion of renters increased from 30% in 2013 to a peak of 42% in 2019, before declining slightly to 37% in 2022. Average rent prices have shown relative stability over this period, with some fluctuations. In 2013, the average rent was $1,011, which remained fairly consistent until 2022 when it decreased to $957. This stability in rent prices, coupled with rising home values, may have contributed to the recent uptick in homeownership.
Moving to more recent data, the average home price in Maple Heights continued its upward trend, reaching $111,039 in 2023 and further increasing to $115,743 in 2024. This represents a 6.9% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in Maple Heights have continued to appreciate, suggesting strong local demand for housing.
Looking ahead, based on the trends observed, we can project that average home prices in Maple Heights 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 relatively stable, may see modest increases as demand for rental properties could rise if higher interest rates make homeownership less accessible for some residents.
In summary, Maple Heights has experienced a notable increase in average home prices over the past decade, with a recent resurgence in homeownership rates despite rising interest rates. The rental market has remained relatively stable in terms of pricing. These trends suggest a robust and evolving housing market in Maple Heights, with potential for continued growth in property values and a dynamic balance between homeownership and renting in the coming years.
