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Average Home Values and Ownership in Zip Code 45321: Eldorado's Decade of 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 45321, located in Eldorado, Ohio, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a notable increase in owner-occupied housing, coupled with fluctuating average home prices and rent rates. The trend of homeownership in zip code 45321 has shown a steady increase from 2013 to 2022. In 2013, the owner-occupied rate was 70%, which steadily rose to reach 83% by 2022. This substantial 13 percentage point increase in homeownership coincided with varying trends in average home prices. From 2013 to 2015, average home prices decreased from $90,629 to $85,505. However, from 2015 onwards, there was a consistent upward trend in average home prices, reaching $151,811 by 2022. This represents a significant 77.5% increase in average home prices over seven years, despite the rising homeownership rate.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, the data for 45321 shows a consistent increase in homeownership even as interest rates fluctuated. For instance, from 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership increased from 70% to 73%. This trend continued even as interest rates began to rise more significantly from 2016 onwards, with homeownership reaching 83% by 2022 when the federal interest rate was 1.68%.
The renter percentage in zip code 45321 has inversely mirrored the homeownership trend, decreasing from 30% in 2013 to 17% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $930, which decreased to $824 by 2016. However, rent prices then increased to $952 in 2018 before declining again to $876 in 2022. This fluctuation in rent prices occurred despite the steady decrease in the proportion of renters, suggesting other factors, possibly including overall housing demand and local economic conditions, influenced rent prices.
In 2023 and 2024, the average home prices in zip code 45321 continued to rise, reaching $155,478 in 2023 and $159,279 in 2024. This represents a modest but steady increase of 2.4% and 2.4% respectively from the previous years. Notably, these increases occurred despite a significant jump in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially affecting mortgage affordability.
Looking ahead, based on the historical trends and current data, we can project that average home prices in zip code 45321 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $175,000 to $180,000 by 2029. Rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching an average of $950 to $1,000 per month in the same timeframe.
In summary, zip code 45321 has demonstrated a strong trend towards increased homeownership, rising from 70% to 83% between 2013 and 2022, despite fluctuations in average home prices and federal interest rates. The area has seen significant appreciation in home values, particularly since 2015, with prices continuing to rise into 2024. Meanwhile, the renter population has decreased, with rent prices showing volatility but generally remaining within a consistent range. These trends suggest a growing preference for homeownership in this area, potentially driven by local economic factors and housing market dynamics.
