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Rising Home Values and Shifting Ownership in Glendale - Heather Downs, Toledo
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
Glendale - Heather Downs, a neighborhood in Toledo, Ohio, has experienced significant changes in its housing market over the past decade. This area, known for its diverse housing options, has seen a notable shift in homeownership rates and property values, reflecting broader economic trends and local market dynamics. The neighborhood has witnessed a gradual decrease in homeownership rates alongside a substantial increase in average home prices. In 2013, 64% of residents owned their homes, but by 2022, this figure had declined to 59%. Despite this drop in ownership, average home prices have shown remarkable growth. The average home price in 2013 was $80,938, which nearly doubled to $153,885 by 2022, representing an impressive 90% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in Glendale - Heather Downs. From 2013 to 2016, historically low interest rates of 0.1% to 0.4% corresponded with relatively stable homeownership rates ranging from 64% to 56%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership rates stabilized around 56-59%, suggesting that higher borrowing costs may have deterred some potential buyers.
Conversely, the renter population in Glendale - Heather Downs has grown, with the percentage of renters increasing from 34% in 2013 to 41% in 2022. This shift has been accompanied by a rise in average rent prices. In 2013, the average rent was $694, which increased to $821 by 2022, marking an 18% increase over the period. The population fluctuations, from 11,116 in 2013 to 11,054 in 2022, suggest that the increased renter percentage is not solely due to population growth but rather a shift in housing preferences or affordability constraints.
Looking at the most recent data, 2023 saw average home prices in Glendale - Heather Downs reach $161,693, with a further increase to $169,377 in 2024. This continued appreciation occurs despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust housing market that has maintained momentum even in the face of higher borrowing costs.
Applying predictive models to forecast the next five years, we anticipate that average home prices in Glendale - Heather Downs 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. Average rent prices are also expected to increase, potentially surpassing $900 per month within the same timeframe, driven by the growing renter population and overall market appreciation.
In summary, Glendale - Heather Downs has experienced a notable shift from homeownership to renting, with a concurrent increase in both home values and rent prices. The neighborhood has demonstrated resilience in its real estate market, with property values appreciating significantly despite fluctuations in homeownership rates. As interest rates continue to play a pivotal role, the area is poised for further growth in both the homeownership and rental sectors, making it an area of interest for residents and investors alike.
