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Average Home Values and Ownership in Zip Code 45886: Scott'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 45886, located in Scott, Ohio, is a small rural community that has experienced fluctuations in population and housing trends over the past decade. This area has maintained a consistently high rate of homeownership, with average home prices showing a general upward trend and average rent prices increasing steadily in recent years.
The homeownership rate in zip code 45886 has remained relatively stable, with a slight increase from 83% in 2019 to 86% in 2022. During this period, average home prices have shown significant growth, rising from $83,920 in 2019 to $116,725 in 2022, representing a 39% increase. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a role in homeownership trends in zip code 45886. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% in 2019 to 0.08% in 2021. This coincided with an increase in homeownership from 83% in 2019 to 86% in 2021, likely due to more affordable financing options. However, the homeownership rate remained stable at 86% in 2022 despite rising interest rates, indicating other factors may be influencing homeownership in this area.
The renter population in zip code 45886 has shown some variability, with the percentage of renters decreasing from 17% in 2019 to 14% in 2022. Interestingly, despite this decrease in the renter population, average rent prices have increased significantly, rising from $647 in 2019 to $714 in 2022, a 10.4% increase. This trend could be attributed to various factors, including limited rental inventory or improvements in rental property quality.
In 2023, the average home price in zip code 45886 slightly decreased to $116,356, while federal interest rates rose to 5.02%. Moving into 2024, the average home price has rebounded to $123,620, with interest rates further increasing to 5.33%. This recent data shows resilience in the local housing market despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 45886 may continue to rise over the next five years, potentially reaching around $140,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $800 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 45886 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to rising interest rates, maintaining strong homeownership levels. The rental market, while smaller, has seen significant price increases despite a slight decrease in the renter population. As the community moves forward, it appears poised for continued growth in both home values and rental prices, reflecting the overall strength and desirability of the local real estate market.
