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Maplewood, Minnesota: Average Home Values Rise as Homeownership Remains High
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
Maplewood, a vibrant city in Minnesota, has experienced significant demographic and housing market changes over the past decade. Located in Ramsey County, Maplewood is known for its beautiful parks and strong community spirit. The city has seen a general trend of increasing homeownership rates, rising average home prices, and growing average rent prices, reflecting its desirability as a residential area.
The homeownership rate in Maplewood has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 72%, and by 2022, it maintained the same level at 72%. During this period, average home prices in Maplewood saw a significant increase. In 2013, the average home price was $173,083, which rose steadily to reach $328,590 by 2022, representing an impressive 89.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in Maplewood shows an interesting dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.14%, the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions and housing supply, may have played a more significant role in homeownership trends in Maplewood than interest rates alone.
Renter percentages in Maplewood have shown a slight increase over the years, from 26% in 2013 to 28% in 2022. This trend coincides with rising average rent prices. In 2013, the average rent was $1,088, which increased to $1,308 by 2022, representing a 20.2% rise. The growth in both renter percentages and rent prices could be attributed to the city's growing population, which increased from 38,311 in 2013 to 40,989 in 2022, potentially increasing demand for rental properties.
Looking at the most recent data, the average home price in Maplewood slightly decreased from $328,590 in 2022 to $328,363 in 2023, showing a marginal 0.07% decline. However, in 2024, the average home price increased to $332,627, representing a 1.3% rise from 2023. Interestingly, federal interest rates rose significantly during this period, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, home prices in Maplewood have continued to appreciate, albeit at a slower pace.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Maplewood. Based on historical data and current market conditions, average home prices could potentially reach around $375,000 to $400,000 by 2029. Average rent prices may increase to approximately $1,500 to $1,600 per month in the same timeframe. These projections assume steady economic growth and continued demand for housing in the area.
In summary, Maplewood has demonstrated resilience in its housing market, with stable homeownership rates and steadily increasing home values over the past decade. The slight increase in renter percentages, coupled with rising rent prices, suggests a growing demand for rental properties. Despite recent increases in interest rates, home prices have continued to appreciate, indicating strong underlying demand for housing in Maplewood. As the city continues to grow and evolve, it is likely to remain an attractive destination for both homeowners and renters in the coming years.
