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Average Home Values and Ownership in Zip Code 45881: Rural Rawson's Decade of Change
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 45881, encompassing Rawson in Ohio, presents an interesting case study in real estate trends over the past decade. This rural area has experienced notable shifts in homeownership rates and property values, reflecting broader economic changes and local dynamics.
The homeownership rate in zip code 45881 has shown a gradual decline from 2013 to 2022. In 2013, 90% of residents were homeowners, but by 2022, this figure had decreased to 80%. Concurrently, average home prices have demonstrated a steady upward trend. In 2013, the average home price was $120,403, rising to $206,667 by 2022, representing a substantial 71.6% increase over this period.
Federal interest rates appear to have influenced homeownership rates in the area. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership remained high at 87-90%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% by 2022, homeownership rates declined. This trend suggests that higher borrowing costs may have made homeownership less attainable for some residents.
The renter population in zip code 45881 has grown correspondingly with the decrease in homeownership. In 2013, only 10% of residents were renters, but this increased to 20% by 2022. Average rent prices have also risen, albeit with some fluctuations. In 2013, the average rent was $867, which increased to $984 by 2022, a 13.5% rise. Notably, the population has remained relatively stable during this period, suggesting that the shift from owning to renting is not primarily driven by population changes but rather by economic factors.
In 2023 and 2024, the real estate market in zip code 45881 continued its upward trajectory. The average home price reached $210,929 in 2023 and further increased to $225,176 in 2024, marking a 7% rise in just one year. This growth occurred despite significantly higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels seen in over a decade.
Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 45881 are likely to continue their upward trend over the next five years. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $260,000 by 2029. Rent prices are expected to grow at a similar rate, potentially surpassing $1,100 per month by 2029.
In summary, zip code 45881 has experienced a shift towards more renters and fewer homeowners over the past decade, coinciding with rising property values and rent prices. Despite higher interest rates in recent years, home prices continue to climb, indicating strong demand in the area. These trends suggest a changing landscape in Rawson's housing market, with implications for both current and future residents.
