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Average Home Values and Ownership in Zip Code 45346: A Decade of Growth in New Madison, Ohio
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 45346, located in New Madison, Ohio, presents an interesting case study of homeownership and housing market trends. This rural area has seen fluctuations in its population and housing dynamics over the past decade, with a general trend towards high homeownership rates and increasing average home prices. The homeownership rate in zip code 45346 has remained consistently high, ranging from 77% to 80% between 2013 and 2022. This stability in homeownership coincides with a general upward trend in average home prices. In 2013, the average home price was $122,281, which increased to $170,738 by 2022, representing a 39.6% increase over this period. Notably, there was a significant jump in average home prices from 2020 to 2021, rising from $134,392 to $155,887, a 16% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained stable at around 78-79%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, homeownership rates actually increased slightly to 80% in 2018 and 2019. This suggests that other local factors may have influenced homeownership decisions in addition to interest rates.
Renter percentages in zip code 45346 have remained relatively low, fluctuating between 20% and 23% from 2013 to 2022. Average rent prices have shown a general upward trend during this period. In 2013, the average rent was $677, which increased to $769 by 2022, a 13.6% rise. Interestingly, the highest average rent of $783 was recorded in 2021, coinciding with a peak in population at 2,390 residents in 2015. The subsequent decrease in population to 2,029 in 2022 may have contributed to the slight drop in average rent prices.
Looking at more recent data, the average home price in zip code 45346 continued to rise, reaching $178,663 in 2023 and $186,568 in 2024. This represents a further 9.3% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $210,000 to $220,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching $820 to $850 per month in the next five years, assuming consistent economic conditions and population trends.
In summary, zip code 45346 has maintained high homeownership rates despite fluctuations in population and housing prices. The area has experienced significant growth in average home values, particularly in recent years, while rent prices have shown more modest increases. The interplay between federal interest rates, local economic factors, and population changes will likely continue to shape the housing market in this rural Ohio community in the coming years.
