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Rising Home Values and Shifting Ownership in Union Miles Park, Cleveland
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
Union Miles Park, a neighborhood in Cleveland, Ohio, has experienced significant changes in its housing market and demographics over the past decade. The community has seen a general trend of decreasing homeownership rates alongside increasing average home prices, while average rent prices have shown some fluctuation.
The homeownership rate in Union Miles Park has declined overall from 2013 to 2022. In 2013, 53% of residents owned their homes, but by 2022, this figure had dropped to 47%. Concurrently, average home prices in the neighborhood have generally increased. The average home price in 2015 was $21,792, and by 2022, it had risen to $48,407, representing a substantial 122% increase over seven years.
There appears to be some correlation between federal interest rates and homeownership rates in Union Miles Park. For example, in 2020, when interest rates dropped to 0.38%, there was a notable increase in homeownership, reaching 55%. However, as interest rates began to rise in subsequent years, homeownership rates declined again, falling to 47% by 2022 when interest rates reached 1.68%.
Renter percentages in Union Miles Park have generally increased from 2013 to 2022, mirroring the decline in homeownership. In 2013, 47% of residents were renters, and by 2022, this had increased to 53%. Average rent prices have shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $758, and it increased to $803 by 2022, representing a 5.9% increase over nine years. The population of the neighborhood has decreased during this period, from 11,280 in 2013 to 8,617 in 2022, which may have influenced rental market dynamics.
As of 2024, the average home price in Union Miles Park has risen to $50,191, showing continued growth from the 2022 figure. This increase has occurred despite the federal interest rate climbing to 5.33% in 2024, which is significantly higher than the 1.68% rate in 2022. The 2023 average home price was $46,820, indicating a 7.2% increase from 2023 to 2024.
Looking ahead, based on the observed trends, we can project that average home prices in Union Miles Park may continue to rise over the next five years, potentially reaching around $60,000 by 2029. However, this growth rate might slow down due to the current high interest rates. Average rent prices could also see a modest increase, potentially reaching approximately $900 by 2029, assuming the current trends continue.
In summary, Union Miles Park has experienced a shift towards a renter-majority community over the past decade, with homeownership rates declining despite rising property values. The neighborhood has seen substantial appreciation in home values, particularly since 2015. Rent prices have also increased, but at a more moderate pace. These trends, coupled with population decline, suggest a changing demographic landscape in Union Miles Park, with potential implications for future housing market dynamics.
