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Rising Home Values and High Ownership Rates in Kirtland, Ohio: A Decade of Housing 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
Kirtland, located in Ohio, is a small suburban community with a population of 5,945 as of 2022. The city has experienced a notable trend of increasing homeownership rates and fluctuating average home prices over the past decade. This analysis will explore the relationship between ownership percentages, average home prices, and average rent prices in Kirtland.
The homeownership rate in Kirtland has shown a significant upward trend, particularly in recent years. In 2013, the homeownership rate was 87%, which remained stable until 2016 when it decreased slightly to 84%. However, from 2019 onwards, there has been a steady increase in homeownership, reaching 93% in 2022. This rise in homeownership coincides with an overall increase in average home prices. In 2013, the average home price was $226,545, which grew to $350,251 by 2022, representing a 54.6% increase over this period.
The relationship between federal interest rates and homeownership rates in Kirtland appears to follow the general trend of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates stayed relatively stable at 84-87%. The recent surge in homeownership from 2019 to 2022 (86% to 93%) occurred despite a slight increase in interest rates, suggesting other local factors may have influenced this trend.
Conversely, the percentage of renters in Kirtland has decreased over time, dropping from 16% in 2017 to just 7% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $970 in 2013 to $1,079 in 2021, before slightly decreasing to $996 in 2022. This trend suggests that even with fewer renters, the rental market in Kirtland has remained relatively strong.
Looking at the most recent data, the average home price in Kirtland reached $361,864 in 2023 and further increased to $375,764 in 2024. This continued upward trajectory in home prices occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market in Kirtland that has maintained growth even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Kirtland will continue to rise, albeit at a potentially slower rate due to the current high-interest rate environment. Average rent prices are expected to stabilize or increase moderately, influenced by the limited rental market and overall housing demand in the area.
In summary, Kirtland has experienced a strong trend towards homeownership, with rates reaching 93% in 2022. This shift has been accompanied by substantial growth in average home prices, which have continued to rise into 2024 despite increasing interest rates. The rental market, while shrinking in terms of population, has maintained relatively stable average rent prices. These trends suggest a robust and desirable housing market in Kirtland, with a clear preference for homeownership among its residents.
