Loading Content...
Average Home Values and Ownership in Zip Code 44905: A Decade of Resilience in Mansfield, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 44905, located in Mansfield, Ohio, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area, covering 12.69 square miles, has seen a dynamic real estate market with interesting trends in both ownership and rental sectors.
The homeownership rate in zip code 44905 has remained relatively stable, fluctuating between 70% and 73% from 2013 to 2022. However, there has been a slight overall decline from 73% in 2013 to 70% in 2022. During this same period, average home prices have shown a substantial increase. In 2013, the average home price was $59,376, and by 2022, it had risen to $123,134, representing a remarkable 107% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates stayed relatively high at 70-73%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates, dropping to 70% by 2022.
Renter percentages in zip code 44905 have shown a slight increase from 27% in 2013 to 29% in 2022, inversely mirroring the trend in homeownership. Average rent prices have also experienced an upward trend, albeit with some fluctuations. In 2013, the average rent was $738, which increased to $766 by 2022, representing a 3.8% increase. Notably, there was a significant jump in average rent from $789 in 2020 to $848 in 2021, before decreasing to $766 in 2022. These changes in rent prices and renter percentages occurred while the population remained relatively stable, fluctuating between 14,500 and 15,000 residents during this period.
Looking at the most recent data, average home prices in zip code 44905 continued their upward trajectory, reaching $129,876 in 2023 and further increasing to $138,496 in 2024. This represents a 5.4% increase from 2022 to 2023 and a 6.6% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44905 will continue to rise, potentially reaching around $170,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a more moderate increase, potentially reaching approximately $850 by 2029, considering the historical fluctuations and recent stabilization in rent prices.
In summary, zip code 44905 has demonstrated a robust increase in average home prices despite relatively stable homeownership rates. The rental market has shown more modest growth in both renter percentages and average rent prices. The recent sharp rise in interest rates, coupled with continuing increases in home prices, may present challenges for potential homebuyers in the coming years, potentially affecting the balance between ownership and rental markets in this area.
