Renter percentages in zip code 44837 have generally been the inverse of homeownership rates, ranging from 20% to 25% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $723, which increased to $780 by 2018. However, there was a notable drop to $694 in 2019, followed by increases to $818 in 2021 and then a slight decrease to $773 in 2022. These fluctuations in rent prices don't appear to have a strong correlation with the percentage of renters, which has remained relatively stable.

Looking at more recent data, the average home price in zip code 44837 continued its upward trajectory, reaching $164,328 in 2023 and further increasing to $169,655 in 2024. This represents a 4.4% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand in the local housing market.

Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 44837 will likely continue to rise, albeit potentially at a more moderate pace due to higher interest rates. If the current trajectory holds, average home prices could potentially reach around $190,000 to $200,000 by 2029. Rent prices may also see a gradual increase, possibly reaching an average of $850 to $900 per month in the same timeframe, assuming economic conditions remain stable.

In summary, zip code 44837 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has shown resilience to national economic factors such as interest rate changes, maintaining a strong preference for homeownership. The consistent rise in home values, even in the face of recent interest rate hikes, suggests a desirable location with potential for continued growth in the real estate market.