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Rising Home Values and Ownership in St. Claire-Superior: A Decade of Change
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. Claire-Superior, a neighborhood in Cleveland, Ohio, has experienced significant changes in homeownership rates and housing market dynamics over the past decade. The area has seen a gradual increase in homeownership, with rates rising from 37% in 2013 to 41% in 2022. This trend has been accompanied by substantial growth in average home prices, which increased by 58% from $28,597 in 2013 to $45,257 in 2022. The most notable increase occurred between 2020 and 2021, with a 33% jump from $33,627 to $44,684.
The relationship between federal interest rates and homeownership rates in St. Claire-Superior has generally followed expected patterns. Low interest rates between 2013 and 2020, ranging from 0.08% to 2.16%, coincided with increasing homeownership rates. This period of low rates likely made mortgages more accessible, encouraging home purchases. Interestingly, the sharp rise in interest rates to 1.68% in 2022 did not immediately affect the homeownership rate, which continued to increase to 41% that year.
The rental market in St. Claire-Superior has shown an inverse relationship to homeownership trends. The percentage of renters decreased from 63% in 2013 to 59% in 2022. Average rent prices fluctuated during this period, starting at $661 in 2013, peaking at $724 in 2021, and then decreasing to $615 in 2022. These changes in the rental market occurred alongside a significant population decline, with the number of residents falling from 6,925 in 2013 to 4,698 in 2022.
Recent years have brought further changes to the St. Claire-Superior housing market. In 2023, average home prices decreased by 5.4% to $42,809. However, 2024 has seen a remarkable rebound, with prices rising 12% to reach $47,955. This increase is particularly noteworthy given the high federal interest rate of 5.33% in 2024, which would typically be expected to slow home buying activity.
Looking to the future, predictive models suggest that St. Claire-Superior's housing market may continue its upward trajectory. Average home prices are projected to potentially reach around $55,000 by 2029. Similarly, rent prices are expected to see moderate increases, possibly approaching $700 per month by 2029. These projections are based on the assumption that current economic conditions and local market trends will persist.
In conclusion, St. Claire-Superior has demonstrated resilience and growth in its housing market over the past decade. The neighborhood has experienced a steady increase in homeownership rates and significant growth in average home prices, despite recent market fluctuations and high interest rates. The interplay between homeownership rates, housing prices, and rental market dynamics will continue to shape the residential landscape of St. Claire-Superior in the years to come. As the neighborhood evolves, these trends will play a crucial role in determining its future character and appeal to both current and potential residents.
