Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 20,389 people, 9,334 houses or apartments, and a median cost of homes of $231,386, house prices in Parma Heights are solidly below the national average.
Single-family detached homes are the single most common housing type in Parma Heights, accounting for 58.73% of the city's housing units. Other types of housing that are prevalent in Parma Heights include large apartment complexes or high rise apartments ( 35.78%), duplexes, homes converted to apartments or other small apartment buildings ( 3.67%), and a few row houses and other attached homes ( 1.63%).
The most prevalent building size and type in Parma Heights are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.32% owning and 42.68% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Parma Heights's housing was primarily built during this period, from the '40s through the '60s. A full 68.18% of the city's housing hails from this era. Other housing ages represented in Parma Heights include homes built between 1970-1999 ( 21.90%) and housing constructed before 1939 ( 6.03%). There's also some housing in Parma Heights built between 2000 and later ( 3.89%).
Appreciation rates for homes in Parma Heights have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 101.79%, which ranks in the top 40% nationwide. This equates to an annual average Parma Heights house appreciation rate of 7.27%.
NeighborhoodScout's data show that during the latest twelve months, Parma Heights's appreciation rate, at 6.60%, has been at or slightly above the national average. In the latest quarter, Parma Heights's appreciation rate has been 0.89%, which annualizes to a rate of 3.60%.
Relative to Ohio, our data show that Parma Heights's latest annual appreciation rate is lower than 60% of the other cities and towns in Ohio.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Parma Heights differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Parma Heights - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Parma Heights real estate investment or home purchase decisions.
$231,386
for Ohio
for nation
9,334
$1,659 / per month