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Average Home Values and Ownership in Zip Code 44720: A Decade of Growth and Change in Green, 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 44720, located in Green, Ohio, is a suburban area covering 33.05 square miles. This zip code has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 44720 has remained relatively stable, with a slight downward trend. In 2013, the homeownership rate was 73%, and it maintained this level through 2017. However, there was a slight decrease to 71% in 2019, before recovering to 73% in 2022. This stability in homeownership rates occurred against a backdrop of steadily increasing average home prices. The average home price in the area rose from $146,184 in 2013 to $243,934 in 2022, representing a significant 66.9% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.11% to 0.4%), which coincided with stable homeownership rates of 73-74%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership rates to 71% by 2019. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Regarding rental trends, the percentage of renters in zip code 44720 has shown slight variations. In 2013, the renter-occupied rate was 27%, which decreased to 26% from 2014 to 2017. It then increased to 29% in 2019 before settling back to 27% in 2022. Average rent prices have generally increased over this period, rising from $863 in 2013 to $948 in 2022, an increase of 9.8%. Notably, there was a significant jump in average rent from $862 in 2015 to $940 in 2016, a 9% increase in a single year.
In 2023 and 2024, the housing market in zip code 44720 continued to show growth. The average home price reached $258,408 in 2023 and further increased to $267,493 in 2024, representing a 3.5% year-over-year growth. This occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in this area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $300,000 by 2029, assuming a conservative annual growth rate of 2-3%. Average rent prices might increase to approximately $1,100 per month in the same period, based on historical growth patterns.
In summary, zip code 44720 has demonstrated resilience in its housing market, with stable homeownership rates despite rising home prices. The area has seen significant appreciation in property values, particularly from 2013 to 2024. Rent prices have also shown steady growth, albeit at a slower pace than home prices. The market appears to have remained robust even in the face of rising interest rates, suggesting strong underlying demand for housing in this suburban Ohio location.
