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Average Home Values and Ownership in Zip Code 44081: North Perry's Steady Rise
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 44081, located in North Perry, Ohio, has experienced notable changes in homeownership rates and housing prices over the past decade. This analysis will explore the trends in ownership versus rental occupancy and their relationship to average housing and rent prices in this area. The homeownership rate in zip code 44081 has remained relatively stable, with a slight increase from 88% in 2013 to 91% in 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $160,815, which steadily increased to $252,894 by 2022, representing a significant 57.3% growth over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.40%, which coincided with stable homeownership rates around 88-89%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates actually increased slightly to 90%, possibly indicating other local factors influencing housing decisions.
Renter occupancy in zip code 44081 has shown a slight decline, from 12% in 2013 to 9% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,024, which decreased to $774 in 2020 before rising slightly to $779 in 2022. This overall decline in average rent prices, coupled with the decrease in renter occupancy, may suggest a shift towards homeownership in the area, possibly due to the relative affordability of homes compared to renting.
In 2023 and 2024, the housing market in zip code 44081 continued to show strength. The average home price reached $263,564 in 2023 and further increased to $273,613 in 2024, representing a 3.8% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in this area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 44081 over the next five years. Assuming a conservative annual growth rate of 3-4%, average home prices could potentially reach around $320,000 to $330,000 by 2029. Rent prices, which have been more volatile, may stabilize and potentially increase slightly, possibly reaching an average of $850 to $900 per month in the same timeframe.
In summary, zip code 44081 has demonstrated a robust housing market characterized by high and slightly increasing homeownership rates, steadily rising average home prices, and fluctuating but overall decreasing average rent prices. The area has shown resilience in maintaining strong home values even in the face of rising interest rates, suggesting a desirable location for homeowners and potential long-term value appreciation for real estate in this zip code.
