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Average Home Values and Ownership in ZIP Code 45850: Westminster's Resilient Housing Market
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 45850, located in Westminster, Ohio, is characterized by a predominantly owner-occupied housing market with steadily increasing property values. This area has maintained a remarkably high homeownership rate while experiencing consistent growth in average home prices over the past decade. The homeownership rate in zip code 45850 has remained stable at approximately 88% from 2013 to 2022. This consistency in homeownership has been accompanied by a steady increase in average home prices. In 2013, the average home price was $125,910, which rose to $209,373 by 2022, representing a significant 66.3% increase over nine years. This upward trend in home values indicates a robust and desirable housing market in the area, potentially driven by factors such as local economic stability or community appeal.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained exceptionally low, ranging from 0.11% to 0.4%. During this period, homeownership rates in zip code 45850 held steady at 88%, likely supported by the favorable borrowing conditions. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates demonstrated resilience, only decreasing slightly to 87% in 2017 before returning to 88% in subsequent years. This stability in homeownership despite rising interest rates suggests a strong local housing market and potentially high community attachment among residents.
Renter percentages in zip code 45850 have remained relatively low, fluctuating between 11% and 14% from 2013 to 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $709, which decreased to $632 by 2020, representing a 10.9% decrease. However, rent prices rebounded to $703 in 2021 before dropping again to $632 in 2022. This fluctuation in rent prices, coupled with the area's low renter population, might indicate a rental market that is sensitive to local economic conditions or changes in housing supply.
Looking at more recent data, the average home price in zip code 45850 continued its upward trajectory, reaching $218,357 in 2023 and $227,579 in 2024. This represents a further 8.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the continued rise in home prices suggests ongoing demand in this area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 45850 will continue to rise, albeit potentially at a more moderate pace due to the higher interest rate environment. Average home prices are expected to reach approximately $260,000 to $280,000 by 2029. Average rent prices, which have shown volatility, are predicted to stabilize and gradually increase, potentially reaching $750 to $800 per month by 2029.
In summary, zip code 45850 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing home values. The area has shown resilience to interest rate fluctuations, maintaining strong homeownership levels even as rates have risen. While the rental market has experienced some volatility, it remains a small segment of the overall housing landscape in this community. The continued rise in home values, even in the face of higher interest rates, suggests ongoing desirability and potential for further growth in this Westminster, Ohio neighborhood.
