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Rising Home Values and High Ownership Rates in Walton Hills, Ohio: A Village Defying 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
Walton Hills, located in Ohio, is a small community with a rich history and a strong preference for homeownership. The village has experienced fluctuations in its ownership percentage, average home prices, and average rent prices over the years, reflecting broader economic trends and local market conditions. The homeownership rate in Walton Hills has remained consistently high, although it has shown a slight decline in recent years. In 2013, the homeownership rate stood at 96%, and it remained relatively stable until 2017, when it peaked at 98%. However, from 2018 to 2022, there was a gradual decrease, with the ownership rate falling to 91% by 2022. Despite this decline, Walton Hills still maintains a significantly higher homeownership rate compared to the national average.
Average home prices in Walton Hills have shown a steady upward trend over the past decade. In 2010, the average home price was $177,218, and it experienced a slight dip in the following years, reaching a low of $163,879 in 2012. However, from 2013 onwards, there has been a consistent increase in average home prices. By 2022, the average home price had risen to $284,211, representing a substantial 60.4% increase from 2010 levels.
The relationship between federal interest rates and homeownership rates in Walton Hills appears to follow the general trend observed nationally. During periods of lower interest rates, such as from 2010 to 2016 when rates were below 0.5%, the homeownership rate remained high, ranging between 96% and 98%. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership rates, dropping to 91% by 2022 when the federal interest rate reached 1.68%.
The rental market in Walton Hills has shown some interesting trends. The percentage of renters increased from 2% in 2014 to 9% in 2022, indicating a growing demand for rental properties. Average rent prices have fluctuated over the years. In 2013, the average rent was $1,124, and it remained stable until 2016. There was a significant drop to $606 in 2017, followed by a sharp increase to $1,336 in 2018. Since then, average rent prices have continued to rise, reaching $1,353 in 2022.
In 2023, the average home price in Walton Hills reached $292,931, showing a continued upward trend. The federal interest rate also increased significantly to 5.02% in 2023. Moving into 2024, the average home price has further increased to $303,557, while the federal interest rate has slightly risen to 5.33%.
Looking ahead, based on the observed trends, we can expect average home prices in Walton Hills to continue their upward trajectory over the next five years. Assuming a similar growth rate as seen in recent years, average home prices could potentially reach around $350,000 to $375,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,500 to $1,600 per month in the same timeframe.
In summary, Walton Hills has maintained a strong preference for homeownership despite recent slight declines. Average home prices have shown robust growth, particularly since 2013. The rental market, while small, has been growing, with increasing average rent prices. The village's real estate market appears to be influenced by broader economic factors, including federal interest rates, and continues to show signs of growth and development.
