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Strongsville, Ohio: Rising Home Values and High Ownership Rates Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Strongsville, Ohio, a vibrant suburban city in Cuyahoga County, is renowned for its excellent school system and high quality of life. Over the past decade, the city has experienced steady growth in both population and property values, with homeownership rates consistently high and a stable rental market.
The homeownership rate in Strongsville has remained remarkably stable, hovering around 81% from 2013 to 2019. However, there has been a slight increase in recent years, reaching 83% in 2022. This trend coincides with a significant rise in average home prices. In 2013, the average home price was $182,573, which steadily increased to $306,268 by 2022, representing a substantial 67.7% growth over nine years. This appreciation in home values may have encouraged more residents to invest in homeownership, despite the potential for higher entry costs.
Federal interest rates have played a crucial role in shaping homeownership trends in Strongsville. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise gradually from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable, suggesting that other factors such as strong local economic conditions and the desirability of the area continued to support homeownership.
The rental market in Strongsville has shown interesting trends in relation to the homeownership rates. The percentage of renters decreased slightly from 19% in 2013 to 17% in 2022. Despite this decrease, average rent prices have generally trended upward. In 2013, the average rent was $1,243, which increased to $1,284 by 2022, with some fluctuations in between. Notably, there was a significant jump in average rent to $1,440 in 2021, possibly due to increased demand or economic factors related to the pandemic.
Looking at the most recent data, the average home price in Strongsville reached $323,316 in 2023 and further increased to $336,274 in 2024. This continued appreciation reflects the strong demand for housing in the area. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions.
Applying predictive models to forecast trends for the next five years, we can expect average home prices in Strongsville to continue their upward trajectory, potentially reaching around $380,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. Average rent prices are also likely to increase, albeit at a more moderate pace, potentially reaching approximately $1,500 by 2029. These predictions assume continued economic stability and sustained demand for housing in the area.
In summary, Strongsville has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The slight increase in homeownership in recent years, despite rising home prices, suggests a strong local economy and continued desirability of the area. The rental market, while smaller, has also shown stability with gradually increasing average rents. As Strongsville continues to grow and develop, it is likely to maintain its appeal to both homeowners and renters, with property values expected to appreciate further in the coming years.
