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Average Home Values and Ownership in Zip Code 44092: A Decade of Change in Wickliffe, 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
Zip code 44092, located in Wickliffe, Ohio, has shown interesting dynamics in homeownership and housing market trends over the past decade. This area has experienced fluctuations in both ownership percentages and average home prices, reflecting the changing economic landscape of the region.
The homeownership rate in zip code 44092 has seen a gradual decline from 2013 to 2022. In 2013, 69% of housing units were owner-occupied, while by 2022, this figure had decreased to 65%. Simultaneously, average home prices in the area have shown a significant upward trend. In 2013, the average home price was $115,000, which steadily increased to $172,119 by 2022, representing a 49.7% increase over this period. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 44092. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 69-71%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership rates. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 44092 has shown a gradual increase, rising from 31% in 2013 to 35% in 2022. This trend coincides with an overall increase in average rent prices. In 2013, the average rent was $942, which rose to $1,013 by 2022, representing a 7.5% increase. It's worth noting that the population of the zip code remained relatively stable during this period, with 17,495 residents in 2013 and 17,710 in 2022. The increase in renter percentage and average rent prices, despite a stable population, suggests a shifting preference or necessity towards renting in this area.
Looking at the most recent data, the average home price in zip code 44092 continued its upward trajectory, reaching $181,941 in 2023 and $190,068 in 2024. This represents a 5.7% increase from 2022 to 2023 and a further 4.5% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant rise, jumping to 5.02% in 2023 and 5.33% in 2024. These high interest rates, coupled with rising home prices, may further impact homeownership rates in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44092 will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,200 by 2029, assuming the current growth rate continues.
In summary, zip code 44092 has experienced a gradual shift from homeownership to renting, with rising home prices and increasing interest rates playing significant roles. The area has seen substantial appreciation in property values, which may be contributing to the growing renter population. As we move forward, the interplay between interest rates, home prices, and rental market dynamics will continue to shape the housing landscape in this Ohio community.
