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Average Home Values and Ownership in Zip Code 44903: Mansfield'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 44903, located in Mansfield, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 113.93 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local developments.
The homeownership rate in zip code 44903 has shown resilience, with a slight increase from 68% in 2019 to 71% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $86,325, which steadily increased to $169,820 by 2022, representing a remarkable 96.7% increase over nine years. This substantial appreciation in home values may have incentivized long-term residents to maintain their homeownership status while potentially creating challenges for new buyers entering the market.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 44903. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the stability in homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), the homeownership rate remained relatively stable at around 68-70%. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with an increase in homeownership to 71% by 2022, suggesting that lower borrowing costs may have encouraged more residents to purchase homes.
Renter percentages in zip code 44903 have shown a complementary trend to homeownership, decreasing slightly from 32% in 2019 to 29% in 2022. Average rent prices have seen moderate growth, increasing from $729 in 2013 to $763 in 2022, a 4.7% rise over nine years. This relatively modest increase in rent prices, compared to the substantial growth in home values, may have influenced some residents to transition from renting to homeownership. The population in the zip code has fluctuated, reaching a low of 27,185 in 2019 before rebounding to 29,171 in 2022, which could have impacted rental demand and pricing.
In 2023 and 2024, the housing market in zip code 44903 continued its upward trajectory. The average home price rose to $176,351 in 2023 and further increased to $186,649 in 2024, representing a 9.9% growth over these two years. This price appreciation occurred despite a significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers in the coming years, potentially affecting future homeownership rates.
Looking ahead, predictive models suggest that average home prices in zip code 44903 may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, driven by ongoing demand and the overall appreciation of the local real estate market. However, the rate of increase for both home prices and rents may be tempered by economic factors and local market conditions.
In summary, zip code 44903 has demonstrated a robust housing market with increasing homeownership rates and substantial growth in average home prices. The interplay between federal interest rates, population changes, and local economic factors has shaped these trends. As the area moves forward, the balance between homeownership and renting is likely to continue evolving, influenced by broader economic conditions and the affordability of both purchasing and renting in this Ohio community.
