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Rising Home Values and Ownership in St. Bernard, Ohio: A Decade of Housing Market Resilience
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
St. Bernard, Ohio, a small community in Hamilton County, has experienced significant changes in homeownership and housing prices over the past decade. With a population of 4,026 in 2022 and an area of 1.53 square miles, this compact suburban enclave reflects broader economic trends and local market dynamics. The homeownership rate in St. Bernard has shown a consistent upward trend since 2013, increasing from 58% to 69% by 2022. This rise in homeownership coincided with a notable increase in average home prices, which more than doubled from $72,399 in 2013 to $176,285 in 2022, representing a 143% increase over this period.
The trend in homeownership rates appears to be inversely related to federal interest rates. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership in St. Bernard increased from 58% to 59%. As interest rates began to rise more significantly from 2017 onwards, St. Bernard bucked the expected trend, with homeownership continuing to rise to 69% by 2022, despite interest rates reaching 1.68% that year.
The percentage of renters in St. Bernard has decreased over time, dropping from 42% in 2013 to 31% in 2022. Despite this decrease, average rent prices have shown overall growth, albeit with fluctuations. The average rent increased from $730 in 2013 to $781 in 2022, peaking at $898 in 2015. This represents a 7% increase in average rent from 2013 to 2022, despite the significant decrease in the renter population.
Recent data shows that average home prices in St. Bernard continued to rise in 2023 and 2024, reaching $184,741 and $197,608 respectively. This represents a further 12% increase from 2022 to 2024. Simultaneously, federal interest rates have increased dramatically, hitting 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, home prices have continued to appreciate, suggesting strong demand in the local market.
Applying predictive models to forecast 5-year trends, average home prices in St. Bernard are expected to continue their upward trajectory, potentially reaching around $240,000 by 2029. Average rent prices may also see moderate growth, possibly reaching $900 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, St. Bernard has experienced a significant shift towards homeownership over the past decade, with a corresponding increase in average home prices. This trend has persisted even in the face of rising interest rates, indicating strong local demand for homeownership. While the renter population has decreased, average rent prices have shown modest growth. The continued rise in home prices, despite recent interest rate hikes, suggests a robust and desirable housing market in this small Ohio community.
