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Average Home Values and Ownership in Zip Code 44606: A Decade of Change in Rural 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 44606, located in Kidron, Ohio, has experienced notable changes in its housing market 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 dynamics.
The homeownership rate in zip code 44606 has shown a slight overall decline from 2013 to 2022. In 2013, the homeownership rate stood at 79%, while by 2022 it had decreased to 77%. This change coincided with a substantial increase in average home prices. In 2013, the average home price was $141,013, which rose dramatically to $314,713 by 2022, representing a 123% increase over this period. This significant appreciation in home values may have contributed to the slight decrease in homeownership, as higher prices potentially made purchasing a home more challenging for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained extremely low, ranging from 0.11% to 0.40%. During this period, homeownership rates remained relatively stable at around 79%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a noticeable decline in homeownership, dropping to 75% by 2019. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership to 77% by 2022, likely due to increased affordability of mortgages.
The rental market in zip code 44606 has also undergone changes. The percentage of renters increased from 21% in 2013 to 23% in 2022. Average rent prices have shown an upward trend, rising from $587 in 2013 to $630 in 2022, an increase of about 7.3%. This relatively modest increase in rent prices compared to the substantial rise in home prices may have made renting a more attractive option for some residents, contributing to the slight increase in the renter population.
In 2023 and 2024, the housing market in zip code 44606 has continued to evolve. The average home price reached a peak of $360,785 in 2023, followed by a significant decrease to $314,444 in 2024. This recent decline in home prices coincides with a sharp increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates likely contributed to cooling the housing market and bringing average prices down.
Looking ahead, based on current trends and economic factors, we can project some potential scenarios for the next five years. Average home prices may experience a period of stabilization or modest growth after the recent decline, potentially reaching around $340,000 by 2029. Average rent prices could continue their gradual upward trajectory, potentially increasing to approximately $700 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 44606 has experienced a significant increase in average home prices over the past decade, alongside a slight decrease in homeownership rates. The rental market has seen more modest growth in both prices and the proportion of renters. Recent data shows a cooling in the housing market, likely influenced by rising interest rates. These trends reflect the dynamic nature of the local real estate market and its responsiveness to broader economic conditions.
