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Average Home Values and Ownership in Zip Code 44632: Hartville's Resilient 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 44632, located in Hartville, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a predominantly owner-occupied housing market, with average home prices showing a consistent upward trend.
The homeownership rate in zip code 44632 has remained relatively stable, with minor fluctuations. In 2013, the area boasted an 83% homeownership rate, which slightly decreased to 78% by 2018. However, by 2022, it had rebounded to 82%. This resilience in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $143,766, rising to $179,906 in 2018, and reaching $250,345 by 2022, representing a remarkable 74% increase over this period.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (0.11% to 0.4%), homeownership rates remained high, ranging from 81% to 83%. As interest rates began to rise more rapidly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 78-79%. However, the sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a rebound in homeownership to 81% by 2022, despite rising home prices.
Renter occupancy in zip code 44632 has shown an inverse relationship to homeownership trends. The percentage of renters increased from 17% in 2013 to a peak of 22% in 2018, before declining back to 17% in 2022. Average rent prices have generally trended upward, albeit with some fluctuations. In 2013, the average rent was $766, rising to $881 in 2018, but then decreasing to $767 in 2022. This decrease in rent prices, coupled with the area's population growth from 9,910 in 2013 to 10,950 in 2022, suggests a complex interplay between housing supply, demand, and economic factors influencing the rental market.
In 2023 and 2024, the housing market in zip code 44632 continued its upward trajectory. The average home price reached $265,027 in 2023 and further increased to $277,899 in 2024. This represents a 10.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest a continued increase in average home prices for zip code 44632 over the next five years, albeit at a potentially slower rate than observed in recent years. Average rent prices are also expected to trend upward, reflecting the area's growing population and economic dynamics. However, the rate of increase may be moderated by factors such as new housing developments and changing economic conditions.
In summary, zip code 44632 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The interplay between federal interest rates, population growth, and local economic factors has shaped the housing landscape, with recent years showing resilience in homeownership despite rising prices and interest rates. The rental market has remained a smaller but significant component, adapting to changing economic conditions and housing preferences.
