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Zip Code 44137: Rising Home Values and Shifting Ownership in Maple Heights, 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 44137, located in Maple Heights, Ohio, presents an interesting case study of housing market dynamics over the past decade. This area has experienced significant shifts in homeownership rates and property values, reflecting broader economic trends and local market conditions.
From 2013 to 2022, the homeownership rate in zip code 44137 saw a notable decline, dropping from 70% to 63%. This change coincided with a substantial increase in average home prices, which rose from $46,330 in 2013 to $108,281 in 2022, representing a 133.7% increase. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
The fluctuations in federal interest rates appear to have influenced homeownership trends in the area. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.11% to 0.4%), which corresponded with a period of relative stability in homeownership rates, hovering around 64%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates declined to 59%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in zip code 44137 increased from 30% in 2013 to 37% in 2022, inversely mirroring the decline in homeownership. Interestingly, average rent prices remained relatively stable during this period, only fluctuating between $1,003 and $1,068 from 2013 to 2022. This stability in rent prices, despite the increase in the renter population, could be attributed to various factors such as local rent control measures or a sufficient supply of rental properties to meet demand.
In 2023 and 2024, average home prices in zip code 44137 continued to rise, reaching $111,082 in 2023 and $115,808 in 2024. This represents a 6.95% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 44137 to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might place average home prices around $130,000 to $140,000 by 2029. Average rent prices, which have shown more stability, may see modest increases, potentially reaching around $1,100 to $1,200 per month in the same timeframe.
In summary, zip code 44137 has experienced a significant shift from homeownership to renting over the past decade, coinciding with substantial increases in average home prices. The interplay between federal interest rates, property values, and housing tenure preferences has shaped a dynamic and evolving housing market in this area. As the market continues to adapt to changing economic conditions, it will be crucial to monitor how these trends impact housing affordability and community demographics in the coming years.
