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Seven Hills, Ohio: High Homeownership Rates and Rising Home Values in a Suburban Enclave
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
Seven Hills, Ohio, is a suburban city located in Cuyahoga County, known for its family-friendly atmosphere and close proximity to Cleveland. With a population of 11,681 in 2022, this small community has maintained a strong preference for homeownership over the years. The city has experienced a gradual increase in average home prices, while average rent prices have fluctuated. The homeownership rate has remained consistently high, reflecting the city's stable residential character.
The homeownership rate in Seven Hills has remained remarkably stable, fluctuating between 90% and 95% from 2013 to 2022. This high rate of owner-occupied housing has persisted even as average home prices have steadily increased. In 2013, the average home price was $152,835, and by 2022, it had risen to $257,522, representing a significant 68.5% increase over nine years. Despite this substantial rise in home values, the homeownership rate only decreased slightly from 94% in 2013 to 95% in 2022, demonstrating the community's strong commitment to homeownership.
The relationship between federal interest rates and homeownership rates in Seven Hills appears to have had minimal impact on the overall trend. Despite fluctuations in interest rates, with lows of 0.08% in 2021 and highs of 5.02% in 2023, the homeownership rate remained consistently above 90%. This suggests that other factors, such as the city's desirability and local economic conditions, may have played a more significant role in maintaining high homeownership levels.
The rental market in Seven Hills has shown some variability, both in terms of renter percentages and average rent prices. The percentage of renters increased from 6% in 2013 to 10% in 2021, before dropping back to 5% in 2022. Average rent prices have fluctuated over the years, starting at $1,246 in 2013, peaking at $1,386 in 2019, and then declining to $1,242 in 2022. These fluctuations may be attributed to changes in local housing supply and demand, as well as broader economic factors affecting the region.
In 2023 and 2024, Seven Hills continued to see growth in average home prices. The average home price reached $269,316 in 2023 and further increased to $280,658 in 2024. This represents a 9% increase from 2022 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on the historical trends and current market conditions, it is anticipated that average home prices in Seven Hills will continue to rise over the next five years, albeit at a more moderate pace. A conservative estimate would project average home prices to reach approximately $320,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, potentially reaching around $1,400 per month by 2029, assuming continued demand for rental properties in the area.
In summary, Seven Hills, Ohio, has maintained a strong homeownership culture despite rising home prices. The city's housing market has shown resilience, with consistently high owner-occupancy rates and steadily increasing property values. While the rental market has experienced some fluctuations, it remains a small but present segment of the housing landscape. As the city moves forward, it is likely to continue its trajectory of gradual home price appreciation, maintaining its character as a predominantly owner-occupied suburban community.
