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Average Home Values and Ownership in Zip Code 44866: A Rural Ohio Housing Market Analysis
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 44866, located in Polk, Ohio, presents an intriguing case study of homeownership and housing market dynamics. This area has experienced fluctuations in its ownership percentages and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 44866 has shown resilience and growth, increasing from 79% in 2016 to 85% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2016, the average home price was $137,967, which steadily climbed to $222,556 by 2022, representing a substantial 61.3% increase over six years. This parallel growth suggests a strong correlation between rising property values and homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 44866. The period from 2016 to 2020 saw relatively low interest rates, ranging from 0.4% to 2.16%, which likely contributed to the increase in homeownership from 79% to 85% during this time. Lower interest rates typically make mortgages more affordable, encouraging home buying. The slight dip in homeownership to 80% in 2019, when interest rates peaked at 2.16%, further illustrates this relationship.
Renter percentages in zip code 44866 have inversely mirrored the homeownership trends, decreasing from 21% in 2016 to 15% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2016, the average rent was $900, which increased to $917 in 2017 before experiencing a significant drop to $695 in 2018. Rent prices then rebounded, reaching $1,022 in 2021, only to decrease again to $862 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by factors beyond simple supply and demand.
The years 2023 and 2024 have seen continued growth in average home prices in zip code 44866. In 2023, the average home price reached $234,060, and in 2024, it further increased to $244,090. This represents a 9.7% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the housing market in this zip code has continued to appreciate.
Looking ahead, predictive models suggest a continued upward trend in average home prices for zip code 44866 over the next five years. Based on the historical data and current market conditions, we can expect average home prices to potentially reach around $275,000 to $285,000 by 2029. Rent prices are also projected to increase, albeit more modestly, potentially reaching an average of $950 to $1,000 per month in the same timeframe.
In summary, zip code 44866 has demonstrated a robust housing market with increasing homeownership rates and steadily rising home values. The area has shown resilience in the face of fluctuating interest rates and economic conditions. The inverse relationship between homeownership and renter percentages, coupled with the volatile yet generally upward trend in both home prices and rents, paints a picture of a dynamic and evolving housing market in this Ohio community.
