Loading Content...
Marblehead, Ohio: Rising Home Values and Stable Ownership in a Lakeside Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Marblehead, Ohio, is a small community located on the shores of Lake Erie. Known for its picturesque lighthouse and scenic views, this charming village has experienced fluctuations in homeownership rates and housing prices over the years. From 2013 to 2022, Marblehead saw a slight increase in homeownership, while average home prices and average rent prices demonstrated overall upward trends.
The trend between homeownership percentage and average home prices in Marblehead shows an interesting correlation. In 2013, the homeownership rate was 81%, with an average home price of $224,467. As average home prices steadily increased, reaching $401,497 in 2022, the homeownership rate also rose slightly to 84%. This suggests that rising home values did not significantly deter homeownership in the village. The most substantial jump in average home prices occurred between 2020 and 2021, with an increase from $298,377 to $358,320, representing a 20% rise in just one year.
Federal interest rates appear to have influenced homeownership rates in Marblehead. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates fluctuated between 80% and 85%, generally remaining stable. The slight increase in homeownership from 82% in 2020 to 84% in 2022 coincided with interest rates rising from 0.38% to 1.68%, suggesting that residents may have been motivated to purchase homes before rates increased further.
Renter percentages and average rent prices in Marblehead have shown some volatility. In 2013, 19% of residents were renters, with an average rent of $825. The renter percentage decreased to 15% by 2015, while average rent rose to $914. However, by 2019, the renter percentage increased back to 20%, with average rent at $871. In 2022, the renter percentage decreased again to 15%, while average rent reached its highest point at $986. These fluctuations may be influenced by the village's small population, which ranged from 1,311 to 1,624 during this period.
Looking at the most recent data, average home prices in Marblehead continued to rise, reaching $422,453 in 2023 and $441,859 in 2024. This represents a 10% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the village.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Marblehead will continue to rise, potentially reaching around $525,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Marblehead has demonstrated resilience in homeownership rates despite rising home prices. The relationship between federal interest rates and homeownership has been notable, with low rates generally supporting stable or increasing homeownership. Renter percentages and average rent prices have fluctuated, possibly due to the village's small population. Recent significant increases in both home prices and interest rates may shape future housing trends in this lakeside community.
