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Average Home Values and Ownership in Zip Code 45841: Jenera's Changing Real Estate Landscape
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 45841, located in Jenera, Ohio, presents an intriguing case study of homeownership and housing market trends. This rural area has experienced fluctuations in its ownership percentage, average home prices, and average rent prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 45841 has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the area boasted an 88% homeownership rate, which gradually decreased to 80% by 2022. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $135,406, which steadily rose to $235,036 by 2022, representing a 73.6% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 45841. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable, hovering around 83-88%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), we observe a corresponding decline in homeownership rates, dropping to 86% by 2019. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 45841 have shown an overall increase from 2013 to 2022, rising from 12% to 20%. Interestingly, average rent prices have exhibited considerable volatility during this period. In 2013, the average rent was $630, which dropped to a low of $492 in 2016 before rising sharply to $825 in 2018. By 2022, the average rent stood at $737. This fluctuation in rent prices, coupled with the increasing renter population, suggests a complex interplay of factors affecting the rental market, possibly including changes in housing supply, local economic conditions, and demographic shifts.
Looking at the most recent data, the average home price in zip code 45841 continued to rise, reaching $239,281 in 2023 and $253,916 in 2024. This represents a 6.1% increase from 2023 to 2024, indicating a sustained upward trend in property values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers, potentially impacting future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45841 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $300,000 to $320,000, assuming a moderate annual growth rate of 3-5%. Average rent prices are also expected to increase, potentially reaching $850 to $900 per month by 2029, reflecting ongoing demand for rental properties and overall housing market appreciation.
In summary, zip code 45841 has experienced a gradual decline in homeownership rates coupled with significant increases in average home prices over the past decade. The rental market has seen growth in the proportion of renters, accompanied by volatile rent prices. Recent data shows continued appreciation in home values, while higher interest rates may influence future homeownership trends. These patterns reflect the complex interplay of economic factors, local market conditions, and broader housing trends affecting this Ohio community.
