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Average Home Values and Ownership in Zip Code 44023: A Decade of Stability Amidst Market Fluctuations
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 44023, located in Bainbridge, Ohio, is a suburban area spanning 55.36 square miles. This zip code has experienced steady growth in homeownership and property values over the past decade, with a notable increase in average home prices and a stable, high rate of owner-occupied housing.
The ownership percentage in zip code 44023 has remained consistently high, ranging from 88% to 92% between 2013 and 2022. This strong homeownership trend coincides with a significant increase in average home prices. In 2010, the average home price was $270,593, which steadily rose to $418,112 by 2022, representing a 54.5% increase over 12 years. The most substantial year-over-year growth occurred between 2020 and 2021, with a 12.5% increase from $332,684 to $374,383.
Federal interest rates have played a role in homeownership trends in zip code 44023. The period of historically low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, likely contributed to the sustained high homeownership rates. For instance, in 2020, when the interest rate dropped to 0.38%, the homeownership rate held steady at 91%, suggesting that low financing costs may have supported continued homeownership in the area.
Renter percentages in zip code 44023 have remained relatively low, fluctuating between 7% and 10% from 2013 to 2022. Despite this low percentage, average rent prices have shown significant volatility. In 2013, the average rent was $1,137, which decreased to $986 in 2015 before rising sharply to $2,372 in 2020, representing a 140.6% increase over seven years. This trend suggests that while the renter population remains small, those who do rent face increasingly higher costs.
In 2023, the average home price in zip code 44023 reached $441,817, a 5.7% increase from 2022, while the federal interest rate rose to 5.02%. As of 2024, the average home price has further increased to $459,232, representing a 3.9% growth from 2023, with the federal interest rate slightly higher at 5.33%. These figures indicate a continuing upward trend in home values, despite rising interest rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44023 will continue to rise, potentially reaching around $550,000 by 2029. This projection is based on the historical growth rate and assumes continued economic stability. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $2,500 to $2,700 per month by 2029, considering the historical volatility and recent stabilization.
In summary, zip code 44023 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates despite rising home prices. The area has seen substantial growth in property values, particularly in recent years. While the renter population remains small, they have experienced significant fluctuations in average rent prices. The continued rise in home values, coupled with higher interest rates, may present challenges for new homebuyers but suggests a robust and desirable real estate market in this Ohio suburb.
