Loading Content...
Average Home Values and Ownership in Zip Code 45808: A Rural Ohio Community's Real Estate Dynamics
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 45808, located in Beaverdam, Ohio, is a small community with a population of just 33 residents as of 2022. This rural area has seen interesting fluctuations in homeownership rates and housing prices over the years. The overall trend shows a slight increase in homeownership, with average home prices steadily rising and average rent prices experiencing some volatility.
The homeownership rate in zip code 45808 has shown an overall upward trend, increasing from 78% in 2020 to 85% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2020, the average home price was $83,930, which rose to $105,940 by 2022, representing a substantial 26.2% increase over just two years. This trend suggests that despite rising prices, more residents are choosing to become homeowners, possibly due to the long-term investment potential of real estate in the area.
Federal interest rates have played a role in homeownership trends in zip code 45808. In 2020, when interest rates were at a low of 0.38%, the homeownership rate was 78%. As interest rates began to rise, reaching 1.68% in 2022, the homeownership rate actually increased to 85%. This counterintuitive trend might be explained by residents rushing to purchase homes before interest rates climbed even higher, anticipating further increases in the future.
The renter population in zip code 45808 has decreased over time, dropping from 11% in 2020 to 8% in 2022. Interestingly, average rent prices have shown an upward trend during this period. In 2020, the average rent was $814, which increased to $965 by 2022, representing an 18.5% rise. This increase in rent prices, coupled with the decreasing percentage of renters, might indicate that some former renters have transitioned to homeownership, possibly viewing it as a more cost-effective option in the long run.
In 2023, the average home price in zip code 45808 reached $106,279, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $108,554, while interest rates have risen slightly to 5.33%. These figures demonstrate a continued upward trajectory in both home prices and interest rates, potentially impacting future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 45808 are likely to continue their upward trend over the next five years. Based on the historical data and current economic conditions, we can expect average home prices to potentially reach around $120,000 to $125,000 by 2029. Average rent prices are also projected to increase, potentially reaching $1,100 to $1,200 per month within the same timeframe.
In summary, zip code 45808 has experienced a notable increase in homeownership rates despite rising home prices. The area has seen a significant appreciation in property values, with average home prices increasing by over 26% from 2020 to 2022. While the renter population has decreased, average rent prices have continued to climb. These trends, combined with fluctuating interest rates, paint a picture of a dynamic real estate market in this small Ohio community.
