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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 45711, located in Amesville, Ohio, showcases an interesting dynamic between homeownership and rental markets. This rural area has experienced fluctuations in population and housing trends over the past decade, with homeownership rates generally remaining high despite changes in average home prices and rent.
The ownership percentage in zip code 45711 has shown resilience over the years, maintaining a relatively high rate despite fluctuations in average home prices. In 2013, the homeownership rate was 78%, and it reached a peak of 82% in 2015 and 2016. During this period, average home prices increased from $92,608 in 2013 to $113,974 in 2016, representing a 23% rise. Interestingly, even as average home prices continued to climb, reaching $168,918 in 2022, the homeownership rate remained strong at 82%. This suggests that residents in this area have been able to maintain homeownership despite rising property values.
Federal interest rates have played a role in homeownership trends in zip code 45711. The period from 2013 to 2016, when homeownership rates were at their highest, coincided with historically low interest rates ranging from 0.11% to 0.40%. These low rates likely contributed to the affordability of home financing, encouraging homeownership. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership rates, falling to 74% in 2020 before rebounding to 82% in 2022.
Renter percentages and average rent prices in zip code 45711 have shown an inverse relationship to homeownership trends. In 2013, when the renter-occupied rate was 22%, the average rent was $551. As the rental market share decreased to 18% in 2015 and 2016, average rent prices fluctuated, dropping to $503 in 2015 before rising to $602 in 2016. Interestingly, despite a slight increase in the renter-occupied rate to 26% in 2020, average rent remained relatively stable at $588. The population fluctuations, from 1,542 in 2013 to 1,578 in 2022, may have contributed to the variations in rental demand and prices.
Looking at the most recent data, average home prices in zip code 45711 continued to rise, reaching $171,485 in 2023 and slightly decreasing to $171,442 in 2024. This represents a marginal decline of 0.025% from 2023 to 2024. Concurrently, federal interest rates have increased significantly, rising from 5.02% in 2023 to 5.33% in 2024, which could impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45711 will continue to rise, albeit at a slower pace due to the higher interest rates. We project average home prices to reach approximately $185,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, potentially reaching around $700 per month in the same timeframe.
In summary, zip code 45711 has demonstrated a strong preference for homeownership, with rates consistently above 74% despite rising home prices. The area has shown resilience in maintaining high homeownership rates even in the face of increasing property values and fluctuating interest rates. The rental market, while smaller, has remained relatively stable, with rent prices generally following broader economic trends. The recent stabilization of home prices and the significant increase in interest rates may lead to a more balanced housing market in the coming years, potentially affecting the long-standing homeownership trends in this rural Ohio community.