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Newburgh Heights, Ohio: Rising Home Values and Shifting Ownership Trends
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
Newburgh Heights, located in Ohio, is a small community that has experienced significant demographic and housing market shifts over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate market. The homeownership rate in Newburgh Heights has shown a general decline from 2013 to 2022. In 2013, the homeownership rate stood at 56%, but by 2022, it had decreased to 45%. This downward trend coincides with a substantial increase in average home prices. In 2013, the average home price was $42,745, which rose dramatically to $94,134 by 2022, representing a 120% increase over this period.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2015, interest rates remained extremely low, hovering around 0.1-0.13%. During this period, homeownership rates in Newburgh Heights fluctuated but remained relatively high, ranging from 47% to 56%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% by 2022, homeownership rates generally declined. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in Newburgh Heights has generally increased from 44% in 2013 to 55% in 2022. This upward trend in renting coincides with an increase in average rent prices. In 2013, the average rent was $747, which rose to $960 by 2022, representing a 28.5% increase. It's worth noting that the population of Newburgh Heights decreased from 1,997 in 2013 to 1,726 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the average home prices in Newburgh Heights continued to rise, reaching $98,944 in 2023 and $105,460 in 2024. This represents a 5.1% and 6.6% year-over-year increase, respectively. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in Newburgh Heights will likely continue to rise over the next five years, potentially reaching around $130,000 by 2029. Average rent prices may also continue their upward trajectory, possibly exceeding $1,100 per month within the same timeframe.
In summary, Newburgh Heights has experienced a decline in homeownership rates coupled with a significant increase in average home prices over the past decade. The rental market has grown, with both the percentage of renters and average rent prices rising. These trends, influenced by factors such as population changes and interest rates, paint a picture of a shifting real estate landscape in this Ohio community.
