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Average Home Values and Ownership in Zip Code 45102: A Decade of Resilient Growth
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 45102, located in Amelia, Ohio, has experienced significant changes in population, homeownership rates, and housing prices over the past decade. This area has seen a general trend of increasing population density and fluctuating homeownership rates, accompanied by rising average home prices and rent costs.
The homeownership rate in zip code 45102 has shown some variability over the years, ranging from 71% to 75%. In 2013, the homeownership rate stood at 75%, gradually decreasing to 71% by 2021, before rebounding to 75% in 2022. Concurrently, average home prices have demonstrated a consistent upward trend. In 2010, the average home price was $135,603, which steadily increased to $265,509 by 2022, representing a substantial 95.8% increase over this period. This trend suggests that despite rising home values, homeownership has remained relatively stable in the area.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2021, interest rates remained historically low, hovering between 0.08% and 2.16%. This period of low interest rates coincided with the steady increase in average home prices, potentially offsetting the impact on affordability for homebuyers. The slight dip in homeownership from 75% in 2013 to 71% in 2021 might be attributed to rising home prices outpacing income growth, despite low interest rates.
Renter percentages in zip code 45102 have fluctuated inversely to homeownership rates, ranging from 25% to 29%. The average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $920, rising to $985 by 2019, an increase of 7.1%. However, there was a notable decrease to $864 in 2022, representing a 12.3% drop from the 2019 peak. This decrease in rent prices coincided with a slight increase in the homeownership rate, potentially indicating a shift in the local housing market dynamics.
Moving to more recent data, in 2023, the average home price in zip code 45102 reached $275,311, continuing the upward trend. This represents a 3.7% increase from 2022. For 2024, the average home price is reported at $284,764, a further 3.4% increase from 2023. Interestingly, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical trends and recent data, we can make some projections for the next five years. Average home prices in zip code 45102 are likely to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. Assuming a conservative annual growth rate of 3%, we might expect average home prices to reach approximately $330,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase. If we assume a modest 2% annual increase from the 2022 level, average rents could approach $950 by 2029.
In summary, zip code 45102 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has experienced steady population growth and rising property values, indicating a strong local housing market. The recent uptick in interest rates may introduce new dynamics to the market, potentially affecting both home prices and rental rates in the coming years. The interplay between these factors will be crucial in shaping the future of housing in this Ohio community.
