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Rising Home Values and Shifting Ownership in Bellevue, Ohio: A Decade of Housing Market Dynamics
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
Bellevue, Ohio, a charming city located in Huron and Sandusky counties, has experienced notable shifts in its housing market over the past decade. With a population of 11,677 as of 2022 and spanning 6.13 square miles, this small city has seen fluctuations in homeownership rates, average home prices, and average rent prices that reflect broader economic trends and local market dynamics.
The homeownership rate in Bellevue has shown a slight decline over the years, starting at 76% in 2013 and settling at 73% in 2022. This trend has coincided with a significant increase in average home prices, which rose from $92,618 in 2010 to $151,838 in 2022, representing a 64% increase over 12 years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in Bellevue. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which typically encourages homeownership. Indeed, during this time, Bellevue maintained a relatively high homeownership rate, peaking at 76% in 2013. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observe a corresponding slight decrease in homeownership rates, dropping to 73% by 2022.
The rental market in Bellevue has shown interesting trends as well. The percentage of renters increased from 24% in 2013 to 27% in 2022. Interestingly, average rent prices have fluctuated over this period. Starting at $678 in 2013, rents peaked at $755 in 2021 before decreasing slightly to $707 in 2022. This suggests that while more residents are renting, the rental market has remained relatively stable in terms of pricing.
Looking at the most recent data, average home prices in Bellevue continued to rise, reaching $158,940 in 2023 and $168,651 in 2024. This represents a 5% increase from 2022 to 2023 and a further 6% increase from 2023 to 2024. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and decisions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Bellevue will continue to rise, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching around $800 per month by 2029, assuming the trend of gradual increases continues.
In summary, Bellevue's housing market has shown resilience and growth over the past decade. The most significant trends include the steady increase in average home prices, a slight decrease in homeownership rates, and a gradual rise in the proportion of renters. These trends, coupled with fluctuating interest rates, paint a picture of a dynamic housing market that continues to evolve. As Bellevue moves forward, it will be crucial to monitor how these trends impact housing affordability and community demographics in this Ohio city.
