Loading Content...
Average Home Values and Ownership in Zip Code 45678: Miller's Shifting Housing Landscape
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 45678, located in Miller, Ohio, presents an intriguing case study of homeownership and rental trends over the past decade. This area has experienced fluctuations in both ownership percentages and housing prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 45678 has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the area boasted a high 87% homeownership rate. However, by 2021, this figure had dropped to 76%, before rebounding slightly to 82% in 2022. Concurrently, average home prices have demonstrated a steady upward trajectory. In 2013, the average home price was $115,162, which increased to $168,224 by 2022, representing a significant 46% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates stayed relatively stable at around 86-87%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.83% in 2018, homeownership rates declined to 77% by 2018. This trend suggests that rising interest rates may have made home purchases less affordable for some residents.
Renter percentages in zip code 45678 have generally increased as homeownership rates declined. In 2013, only 13% of residents were renters, but this figure rose to 24% by 2021, before decreasing slightly to 18% in 2022. Average rent prices have shown volatility during this period. Starting at $862 in 2013, rent prices dipped to $767 in 2015 before climbing to $974 in 2018. By 2022, the average rent stood at $894, representing a modest overall increase from 2013 levels. The fluctuations in rent prices may be influenced by changes in local demand and the area's varying population, which ranged from a low of 1,372 in 2017 to a high of 1,599 in 2013.
Looking at more recent data, the average home price in zip code 45678 for 2023 was $159,584, showing a decrease from the 2022 figure. This downward trend continued into 2024, with average home prices further declining to $157,058. Notably, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024, which may be contributing to the cooling of the housing market in this area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45678 may continue to experience moderate growth, albeit at a slower pace than observed in recent years due to higher interest rates. Average rent prices are expected to show slight increases, potentially stabilizing as the market adjusts to changing economic conditions and population dynamics.
In summary, zip code 45678 has witnessed a complex interplay between homeownership rates, housing prices, and rental trends. The area has seen a general decline in homeownership rates from 2013 to 2021, followed by a recent uptick. Average home prices have shown substantial growth over the past decade, while rent prices have fluctuated. The recent increase in interest rates appears to be influencing the housing market, as evidenced by the slight decline in home prices in 2023 and 2024. These trends reflect the dynamic nature of the local real estate market and its responsiveness to broader economic factors.
