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Rising Home Values and Ownership Trends in Arlington Heights, Ohio: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Arlington Heights, Ohio: A Decade of Housing Market Fluctuations Arlington Heights, Ohio, is a small community that has experienced notable fluctuations in its population and housing market over the past decade. The city has seen significant shifts in homeownership rates and average home prices, alongside changes in rental trends and average rent prices.
The relationship between homeownership percentages and average home prices in Arlington Heights has shown an interesting dynamic. In 2013, the homeownership rate was 50%, with an average home price of $47,104. As average home prices increased, there was initially a decline in homeownership. By 2018, the homeownership rate had dropped to 35% while average home prices rose to $72,041. However, this trend reversed in recent years. In 2022, the homeownership rate increased to 51%, coinciding with a substantial rise in average home prices to $122,121. This suggests that despite rising prices, more residents were able to transition into homeownership.
Federal interest rates have played a role in homeownership trends in Arlington Heights. The period from 2013 to 2015 saw very low interest rates, ranging from 0.11% to 0.13%. During this time, homeownership rates decreased from 50% to 39%, possibly due to other economic factors outweighing the benefits of low interest rates. As interest rates began to rise more significantly from 2016 onwards, reaching 1.68% in 2022, homeownership rates also started to increase, reaching 51% in 2022. This suggests that factors beyond interest rates, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership in this community.
Renter percentages and average rent prices have shown a correlation in Arlington Heights. In 2013, the renter-occupied percentage was 50%, with an average rent of $660. As the renter percentage increased to 65% in 2018, average rent also rose to $880. However, this trend reversed in recent years. By 2022, the renter percentage decreased to 49%, while average rent slightly decreased to $817. This suggests that as more residents transitioned to homeownership, there was less pressure on the rental market, potentially leading to a stabilization in rent prices.
In 2023 and 2024, Arlington Heights continued to see growth in average home prices. The average home price in 2023 was $128,556, and it further increased to $137,644 in 2024. This represents a significant 12.7% increase from 2022 to 2024. Notably, federal interest rates also rose substantially during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Arlington Heights has maintained its upward trajectory in terms of prices.
Looking ahead, based on the trends observed, we can project that average home prices in Arlington Heights may continue to rise over the next five years, potentially reaching around $160,000 by 2029. Average rent prices, which have shown more volatility, might stabilize or increase moderately, possibly reaching $900 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Arlington Heights has experienced a notable increase in homeownership rates and average home prices in recent years, despite rising interest rates. The rental market has shown inverse trends, with decreasing renter percentages and stabilizing rent prices. The continued rise in home prices through 2024, even with higher interest rates, suggests a strong local housing market. These trends indicate a shifting dynamic in the community's housing landscape, with a growing preference for homeownership among residents.
