Renter percentages in zip code 44216 have remained relatively low, ranging from 7% to 10% between 2013 and 2022. Interestingly, average rent prices have shown more volatility compared to homeownership rates and home prices. In 2013, the average rent was $904, peaking at $969 in 2015 before declining to $821 in 2019. There was a subsequent increase to $988 in 2021, followed by a decrease to $884 in 2022. This fluctuation in rent prices doesn't appear to have significantly impacted the overall low percentage of renters in the area.

Looking at the most recent data, the average home price in zip code 44216 continued to rise, reaching $242,786 in 2023 and $252,408 in 2024. This represents a 4.3% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make borrowing more expensive, home prices have continued to appreciate in this area.

Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 44216 to continue their upward trajectory, potentially reaching around $300,000 by 2029. Average rent prices may also see a moderate increase, possibly approaching $1,100 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.

In summary, zip code 44216 has demonstrated a remarkably stable and high rate of homeownership over the past decade, even as average home prices have increased substantially. The area has maintained a low percentage of renters despite fluctuations in average rent prices. The continued rise in home prices, even in the face of higher interest rates, suggests a strong and resilient local housing market. These trends indicate that New Franklin remains an attractive area for homeowners, with potential for further growth in property values in the coming years.