Loading Content...
Rising Home Values in Cleveland Heights: A Decade of Stable Ownership Amid Market Changes
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cleveland Heights, Ohio, is a vibrant suburban city located just east of Cleveland. Known for its diverse neighborhoods, historic architecture, and cultural amenities, Cleveland Heights has experienced interesting shifts in its housing market over the past decade. The city has maintained a relatively stable homeownership rate, while seeing significant increases in both average home prices and average rent prices.
From 2013 to 2022, Cleveland Heights saw a slight increase in homeownership, with the percentage of owner-occupied homes rising from 57% to 59%. During this same period, average home prices in the city experienced substantial growth. In 2013, the average home price was $101,275, which steadily increased to $176,492 by 2022, representing a 74.3% increase over nine years. This upward trend in home prices appears to have had minimal impact on homeownership rates, suggesting that Cleveland Heights remained an attractive market for potential buyers despite rising costs.
The relationship between federal interest rates and homeownership rates in Cleveland Heights shows some interesting patterns. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 56-57%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), there was a slight dip in homeownership to 55%. However, the trend reversed in 2020-2022, with homeownership increasing to 59% despite fluctuating interest rates, indicating that other factors may have influenced buying decisions in Cleveland Heights.
Renter percentages in Cleveland Heights have fluctuated slightly over the years, ranging from 41% to 45% between 2013 and 2022. Average rent prices have shown a general upward trend during this period. In 2013, the average rent was $966, which increased to $1,078 by 2022, representing an 11.6% increase. The most significant jump occurred between 2020 and 2021, when average rent rose from $1,103 to $1,135, a 2.9% increase in a single year. This trend suggests that despite the increase in homeownership, there has been consistent demand for rental properties in Cleveland Heights.
In 2023 and 2024, Cleveland Heights has continued to see growth in average home prices. The average home price reached $183,990 in 2023 and further increased to $192,587 in 2024, representing a 4.7% and 9.1% increase from 2022, respectively. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong demand in the local housing market.
Looking ahead, based on the trends observed, we can predict that average home prices in Cleveland Heights will continue to rise over the next five years, potentially reaching around $225,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe. However, the rate of increase may slow down if interest rates remain high or if economic conditions change significantly.
In summary, Cleveland Heights has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The rental market has also remained strong, with steadily increasing average rents. The city's ability to maintain a balance between ownership and rental options, coupled with its consistent property value appreciation, suggests a healthy and diverse housing market that continues to attract both buyers and renters.
