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Zip Code 44121: Rising Home Values and Ownership Trends in South Euclid, 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 44121, located in South Euclid, Ohio, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its suburban character and proximity to Cleveland, has seen a dynamic shift in its real estate landscape.
The ownership percentage in zip code 44121 has fluctuated over the years, showing an overall decrease from 72% in 2013 to 70% in 2022. This trend coincides with changes in average home prices, which have seen substantial growth. In 2013, the average home price was $78,617, and by 2022, it had increased to $147,708, representing an impressive 87.9% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code demonstrates some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates declined from 72% to 67%. However, as interest rates began to rise from 2017 to 2019 (1.00% to 2.16%), homeownership rates stabilized at 65%. Interestingly, when interest rates dropped significantly in 2020 and 2021 (0.38% and 0.08%, respectively), homeownership rates began to climb again, reaching 70% by 2022.
The renter percentage in zip code 44121 has shown an inverse relationship to homeownership rates, increasing from 28% in 2013 to 30% in 2022. Average rent prices have also seen an upward trend, rising from $966 in 2013 to $1,063 in 2022, an increase of 10%. It's worth noting that the population in this zip code has remained relatively stable, decreasing slightly from 32,562 in 2013 to 31,920 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the average home prices in zip code 44121 continued to rise, reaching $153,573 in 2023 and $161,596 in 2024. This represents a 4% increase from 2022 to 2023 and a further 5.2% increase from 2023 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the low rates seen in previous years.
Looking ahead, predictive models suggest that average home prices in zip code 44121 are likely to continue their upward trajectory over the next five years. Based on the historical data and current trends, we can expect average home prices to potentially reach around $190,000 by 2029. Average rent prices are also projected to increase, potentially reaching approximately $1,200 per month in the same timeframe.
In summary, zip code 44121 has experienced a notable increase in average home prices and a slight decrease in homeownership rates over the past decade. The rental market has seen moderate growth in both percentage of renters and average rent prices. The recent sharp rise in interest rates, coupled with continuing increases in home prices, may impact future homeownership trends and affordability in this area.
