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Rising Home Values and Stable Ownership in Market Heights, Canton
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
Market Heights, a neighborhood in Canton, Ohio, has maintained stable homeownership rates despite rising home values over the past decade. From 2013 to 2022, the area consistently had about 79% owner-occupied homes. During this period, average home prices showed a steady increase, while rent prices fluctuated.
The relationship between homeownership rates and average home prices in Market Heights remained relatively constant. In 2013, the homeownership rate was 79% with an average home price of $118,018. By 2022, while the homeownership rate held steady at 79%, the average home price had risen significantly to $189,210. This trend indicates that increasing home prices did not substantially affect homeownership in the neighborhood.
Federal interest rates influenced homeownership trends in Market Heights. Between 2013 and 2016, when interest rates were historically low (0.09% to 0.40%), homeownership rates remained stable at 78-80%. As interest rates rose from 2017 (1%) to 2019 (2.16%), homeownership rates showed minor variations but generally stayed within the 78-80% range. This stability in homeownership rates, despite rising interest rates, suggests a strong preference for homeownership in the area.
Renter percentages and average rent prices in Market Heights exhibited interesting patterns. In 2013, the renter-occupied rate was 18% with an average rent of $806. By 2022, the renter-occupied rate had increased slightly to 21%, while the average rent decreased to $759. It's notable that average rent prices varied considerably during this period, peaking at $962 in 2021 before declining in 2022. These fluctuations may be attributed to factors such as local economic conditions and housing supply.
In 2023 and 2024, Market Heights continued to experience growth in average home prices. The average home price rose to $196,224 in 2023 and further to $201,806 in 2024, a significant increase from the 2022 average of $189,210. Simultaneously, federal interest rates increased substantially, reaching 5.02% in 2023 and 5.33% in 2024. The continued rise in home prices despite higher interest rates indicates ongoing demand for housing in the neighborhood.
Projections for the next five years suggest that average home prices in Market Heights are likely to continue their upward trend, although potentially at a more moderate pace due to higher interest rates. Average rent prices may stabilize or show modest increases as the rental market adapts to changing economic conditions and housing demand.
In conclusion, Market Heights has shown resilience in homeownership rates despite rising home prices and fluctuating interest rates. The neighborhood has maintained a high percentage of owner-occupied homes while experiencing consistent growth in average home values. The rental market has displayed more variability, with fluctuating average rent prices and a slight increase in renter-occupied rates. As the neighborhood progresses, it is expected to continue seeing appreciation in home values, while the rental market may undergo more moderate changes.
