Loading Content...
Average Home Values and Ownership in Zip Code 44133: North Royalton's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
North Royalton, located in zip code 44133 in Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively high percentage of owner-occupied housing, with average home prices showing a consistent upward trend. Meanwhile, average rent prices have also increased, albeit with some fluctuations.
The ownership percentage in zip code 44133 has remained relatively stable, hovering around 70-73% between 2013 and 2022. During this period, average home prices have shown a steady increase. In 2013, the average home price was $172,210, and by 2022, it had risen to $285,144, representing a significant 65.6% increase over nine years. This trend suggests a strong correlation between rising home values and sustained 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 0.4%, coinciding with stable homeownership rates around 71-72%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), homeownership slightly increased to 73%, possibly due to buyers rushing to secure mortgages before further rate increases. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) may have contributed to maintaining homeownership levels despite economic uncertainties.
Renter percentages in zip code 44133 have fluctuated between 25% and 32% from 2013 to 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $891, which increased to $1,035 by 2022, representing a 16.2% rise. Notably, there was a significant jump in average rent from $964 in 2016 to $1,041 in 2017, a 8% increase in a single year. This coincided with a slight decrease in the renter percentage from 27% to 25%, suggesting that rising rents may have pushed some residents towards homeownership.
In 2023, the average home price in zip code 44133 reached $299,274, with interest rates at 5.02%. As of 2024, the average home price has further increased to $311,005, while interest rates have risen slightly to 5.33%. These figures indicate a continuing upward trend in home prices, despite higher interest rates which might typically slow price growth.
Looking ahead, predictive models suggest that average home prices in zip code 44133 may continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, possibly approaching $1,200 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 44133 has demonstrated resilient homeownership rates amidst rising home values. The area has seen substantial growth in average home prices, with a more moderate increase in average rent prices. The relationship between interest rates, homeownership, and housing prices has been evident, with low rates generally supporting homeownership despite rising prices. As the market continues to evolve, the balance between owning and renting in this Ohio city will likely be influenced by broader economic trends and local housing policies.
