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Rising Home Values and Shifting Ownership in Zip Code 44126: A Decade of Change in Fairview Park, Ohio
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
Zip code 44126, located in Fairview Park, Ohio, is a suburban area known for its mix of residential properties and local amenities. Over the past decade, this zip code has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 44126 has shown a gradual decline from 2013 to 2022. In 2013, 72% of residents were homeowners, but by 2022, this figure had decreased to 69%. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $132,600, which rose steadily to reach $236,177 by 2022, representing a substantial 78% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 44126. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained relatively stable at around 73%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined slightly to 69%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable, while higher rates can deter potential buyers.
The renter population in zip code 44126 has increased from 28% in 2013 to 31% in 2022, mirroring the decline in homeownership. Interestingly, average rent prices have not shown a consistent upward trend during this period. In 2013, the average rent was $1,001, which fluctuated over the years, reaching a low of $920 in 2016 before rising again to $957 in 2022. This relatively stable rent market, despite increasing home prices, may have contributed to the shift towards renting for some residents.
In 2023 and 2024, the housing market in zip code 44126 continued to evolve. The average home price rose to $247,296 in 2023 and further increased to $260,075 in 2024, representing a 10% growth over two years. This upward trend occurred despite a significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates, not seen since the early 2000s, could potentially impact future homeownership rates and market dynamics in the area.
Looking ahead, predictive models suggest that average home prices in zip code 44126 may continue to rise over the next five years, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed since 2013. Average rent prices, which have been more volatile, are predicted to stabilize and potentially increase moderately, possibly reaching around $1,100 per month by 2029. These forecasts assume a continuation of current economic conditions and local market factors.
In summary, zip code 44126 has experienced a gradual shift from homeownership to renting, accompanied by substantial increases in average home prices. The interplay between federal interest rates, housing affordability, and local market conditions has shaped these trends. As the area moves forward, the balance between homeownership and renting, along with the trajectory of housing prices, will likely continue to be influenced by broader economic factors and local development patterns.
