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Zip Code 44814: Rising Home Values and Ownership in Berlin 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
Berlin Heights, located in zip code 44814 in Ohio, has experienced notable shifts in its housing landscape over the past decade. This small community has seen fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 44814 has shown a general upward trend, increasing from 80% in 2013 to 88% in 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $145,062, which steadily climbed to $232,075 by 2022, representing a 60% increase over this period. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $185,108 to $232,075, a 25.4% increase in just two years.
Federal interest rates appear to have influenced homeownership trends in the area. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, coincided with the increase in homeownership rates. This low-interest environment likely made mortgages more affordable, encouraging home buying. However, the sharp rise in interest rates to 1.68% in 2022 did not immediately impact the high homeownership rate, which remained at 88%.
The rental market in zip code 44814 has shown inverse trends to homeownership. The percentage of renters decreased from 20% in 2013 to 12% in 2022. Despite this decline, average rent prices have been volatile. In 2013, the average rent was $862, which peaked at $1,138 in 2018 before settling at $1,052 in 2022. This represents a 22% increase in average rent from 2013 to 2022, despite the shrinking renter population. The fluctuations in rent prices may be attributed to changes in housing supply and demand dynamics within the community.
Moving into more recent data, the average home price in zip code 44814 continued its upward trajectory, reaching $239,145 in 2023 and further increasing to $250,190 in 2024. This represents a 7.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022. These higher interest rates could potentially impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and recent trends, it's projected that average home prices in zip code 44814 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could reach approximately $280,000 to $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month by 2029, assuming the current trends continue and barring any significant economic shifts.
In summary, zip code 44814 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. Despite this, average rent prices have shown overall growth. The community has demonstrated resilience in maintaining high homeownership rates even in the face of rising home prices and recent interest rate hikes. These trends suggest a strong local housing market with potential for continued growth, though future affordability may become a concern if prices continue to rise at the current pace.
