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Average Home Values and Ownership in Zip Code 44507: A Decade of Resilience in Youngstown's Housing Market
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 44507, located in Youngstown, Ohio, has experienced significant demographic and real estate changes over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 44507 has shown a notable trend over the years. In 2013, the area had a homeownership rate of 48%. This figure decreased to 36% by 2019, marking the lowest point in the observed period. However, there has been a gradual increase since then, with the homeownership rate reaching 47% in 2022. This upward trend in recent years coincides with changes in average home prices. The average home price in the area has seen substantial growth, rising from $15,070 in 2014 to $33,133 in 2022, representing a remarkable 120% increase over eight years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite historically low interest rates from 2014 to 2021 (ranging from 0.08% to 1.83%), homeownership rates initially declined before starting to recover. This suggests that factors beyond interest rates, such as local economic conditions or housing availability, may have played a significant role in homeownership trends in this area.
Rental trends in zip code 44507 have shown inverse patterns to homeownership. The percentage of renters increased from 52% in 2013 to a peak of 64% in 2019, before decreasing to 53% in 2022. Average rent prices have fluctuated over this period, starting at $598 in 2013, reaching a high of $662 in 2019, and then settling at $605 in 2022. These changes in rent prices and renter percentages could be influenced by factors such as local job markets, housing supply, and overall economic conditions in Youngstown.
Looking at the most recent data, the average home price in zip code 44507 was $31,965 in 2023 and increased to $35,005 in 2024. This represents a 9.5% increase in just one year, indicating a continued strong growth in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homebuying activities in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices in zip code 44507, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $40,000-$45,000 by 2029. For rent prices, a moderate increase is expected, potentially reaching an average of $650-$700 per month in the next five years, assuming stable economic conditions and consistent population trends.
In summary, zip code 44507 has demonstrated resilience and growth in its housing market. The area has seen a recent uptick in homeownership rates, significant increases in average home prices, and relatively stable rent prices. The interplay between these factors, along with broader economic indicators like interest rates, will continue to shape the real estate landscape in this Youngstown neighborhood in the coming years.
