Renter percentages in zip code 45311 have remained relatively low, fluctuating between 15% and 19% from 2013 to 2022. Average rent prices have shown moderate growth during this period, increasing from $806 in 2013 to $892 in 2022, a 10.7% rise. Interestingly, the highest average rent of $952 was recorded in 2016, coinciding with the lowest average home price. This inverse relationship suggests that as home prices decreased, more people may have opted to rent, driving up rental prices temporarily.

In 2023 and 2024, the housing market in zip code 45311 continued its upward trajectory. The average home price reached $199,848 in 2023 and further increased to $208,712 in 2024, representing a 4.5% year-over-year growth. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates haven't seemed to dampen the local housing market, possibly indicating strong demand and economic resilience in the area.

Looking ahead, based on the observed trends and current market conditions, we can project continued growth in both average home prices and rent prices for zip code 45311 over the next five years. Average home prices are likely to maintain their upward trajectory, potentially reaching around $240,000 to $250,000 by 2029. Average rent prices may also see steady increases, potentially reaching $950 to $1,000 per month in the same timeframe. However, these projections assume relatively stable economic conditions and interest rates.

In summary, zip code 45311 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to interest rate fluctuations and maintained a strong preference for homeownership. The recent acceleration in average home prices, even in the face of rising interest rates, suggests a desirable local market with potential for continued growth in both the ownership and rental sectors.