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Zip Code 44136: Rising Home Values and Stable Ownership in Strongsville, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 44136, located in Strongsville, Ohio, is a suburban area known for its mix of residential and commercial properties. Over the past decade, this zip code has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 44136 has remained relatively stable, with a slight increase from 73% in 2013 to 74% in 2022. This stability in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $178,022, which steadily increased to $300,952 by 2022, representing a substantial 69% growth over nine years. This trend suggests that despite rising home values, residents in this area have maintained a strong preference for homeownership.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained constant at 73%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight increase in homeownership to 75%. This suggests that local factors may have played a more significant role in homeownership decisions than national interest rate trends during this period.
Renter percentages in zip code 44136 have shown a marginal decrease, from 27% in 2013 to 26% in 2022. Interestingly, average rent prices have fluctuated over this period. In 2013, the average rent was $1,327, which increased to $1,458 in 2017, then decreased to $1,195 in 2018, before rising again to $1,500 in 2022. This represents a 13% overall increase in average rent from 2013 to 2022. The fluctuations in rent prices, coupled with the relatively stable renter percentage, indicate a resilient rental market in the area.
In 2023 and 2024, the housing market in zip code 44136 continued its upward trajectory. The average home price reached $317,806 in 2023 and further increased to $330,965 in 2024, marking a 10% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024, potentially indicating strong local demand and economic factors driving the housing market.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent in zip code 44136. Average home prices are expected to maintain their upward trajectory, potentially reaching around $365,000 to $380,000 by 2029. Average rent prices, following their historical pattern of gradual increase with some fluctuations, may rise to approximately $1,700 to $1,800 per month in the same timeframe.
In summary, zip code 44136 has demonstrated a robust and growing housing market over the past decade. The area has maintained a high rate of homeownership despite significant increases in home values, suggesting strong local economic conditions and continued desirability of the area. The rental market, while smaller, has shown resilience with gradual increases in average rents. The continued rise in home prices, even in the face of higher interest rates, indicates a potentially sustained demand for housing in this zip code in the coming years.
