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Average Home Values and Ownership in Zip Code 45351: A Stable Rural Community with Rising Prices
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 45351, located in Osgood, Ohio, is a small community with a population of just 13 residents as of 2022. This rural area has experienced fluctuations in homeownership rates and housing prices over the past decade, providing an interesting case study for real estate trends in small-town America.
The homeownership rate in zip code 45351 has shown remarkable stability, maintaining 100% owner-occupancy for several years between 2016 and 2018. However, there have been periods of slight decline, with the rate dropping to 75% in 2019 and remaining at that level through 2021. Interestingly, this change in homeownership coincided with a significant increase in average home prices. From 2015 to 2022, average home prices in the area rose from $164,733 to $224,153, representing a substantial 36% increase over seven years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend observed nationally. As interest rates remained low from 2015 to 2020, ranging from 0.13% to 0.38%, the area maintained high homeownership rates. The slight dip in ownership to 75% in 2019 occurred as interest rates peaked at 2.16% that year. However, the return to 100% homeownership in 2022 coincided with a rise in interest rates to 1.68%, suggesting that other local factors may have influenced this trend.
Regarding rental trends, the data for renter percentages is limited. However, average rent prices have shown an upward trajectory. From 2013 to 2022, average rent increased from $626 to $830, a 32.5% rise. This increase in rent prices occurred despite the area's small and relatively stable population, which ranged from 10 to 15 residents during this period.
In 2023 and 2024, the housing market in zip code 45351 continued to evolve. Average home prices reached $234,252 in 2023 and further increased to $238,981 in 2024, representing a 6.6% growth over two years. This rise occurred alongside a significant jump in interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 45351 may continue to rise over the next five years, potentially reaching around $260,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $900 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, zip code 45351 has demonstrated resilience in maintaining high homeownership rates despite fluctuations in average home prices and interest rates. The area has seen significant appreciation in both home values and rent prices over the past decade, outpacing its modest population growth. As this small community moves forward, it will be crucial to monitor how these housing trends impact its residents and overall economic stability.
