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Average Home Values and Ownership in Zip Code 44236: A Steady Rise in Hudson's Suburban Appeal
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 44236, located in Hudson, Ohio, is a suburban area known for its high quality of life and excellent schools. Over the past decade, this area has experienced notable shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 44236 has remained relatively stable, with a slight increase from 87% in 2013 to 89% in 2022. This high rate of homeownership indicates a strong preference for property ownership in the area. Concurrently, average home prices have shown a consistent upward trend, rising from $287,898 in 2010 to $459,617 in 2022, representing a significant 59.6% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the expected pattern. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates reached their peak at 89%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 44236 have fluctuated slightly, ranging from 11% to 15% between 2013 and 2022. The average rent prices have shown an overall upward trend, increasing from $1,521 in 2013 to $1,720 in 2022, a 13.1% rise. Interestingly, there was a notable spike in average rent prices in 2017, reaching $1,757, before moderating in subsequent years. This trend in rent prices appears to be influenced by the area's consistently high population density, which has remained above 720 people per square mile throughout the observed period.
In 2023 and 2024, the housing market in zip code 44236 continued its upward trajectory. The average home price reached $486,753 in 2023 and further increased to $502,768 in 2024, representing a 9.4% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand and a resilient housing market in this area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue in zip code 44236 over the next five years. Average home prices are projected to exceed $550,000 by 2029, while average rent prices could approach $2,000 per month. However, these projections may be influenced by various factors including economic conditions, local development, and demographic shifts.
In summary, zip code 44236 in Hudson, Ohio, demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to rising interest rates, maintaining strong home price growth. The rental market, while smaller, has also seen consistent growth in prices. These trends, combined with the area's stable population density, suggest a continued demand for housing in this desirable suburban location.
