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Average Home Values and Ownership Soar in Zip Code 45369: South Vienna's Decade of Growth
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 45369, located in South Vienna, Ohio, presents an intriguing case study of homeownership and housing market trends. This area has seen a significant shift towards homeownership in recent years, coupled with substantial growth in average home prices and fluctuating average rent prices.
The ownership percentage in zip code 45369 has shown a remarkable upward trend, increasing from 84% in 2013 to 91% in 2022. This 7% increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $137,345, and by 2022, it had risen to $258,193, representing an impressive 88% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2015 (ranging from 0.11% to 0.13%), homeownership rates held steady at around 81-84%. Interestingly, even as interest rates began to rise from 2016 onwards, homeownership in this area continued to increase, suggesting other local factors may be influencing this trend.
As homeownership increased, the percentage of renters in zip code 45369 decreased from 16% in 2013 to 9% in 2022. Despite this decline in the renter population, average rent prices have shown considerable volatility. The average rent peaked at $1,045 in 2014 before declining to $815 in 2022, a 22% decrease. This drop in average rent prices, coupled with the decreasing renter population, suggests a potential oversupply of rental properties or changes in local economic conditions affecting rental demand.
In 2023 and 2024, the housing market in zip code 45369 continued its upward trajectory. The average home price reached $275,016 in 2023 and further increased to $287,591 in 2024, representing a 4.6% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in this area.
Looking ahead, based on the observed trends, we can project continued growth in average home prices for zip code 45369 over the next five years. Assuming a conservative annual growth rate of 4%, we might expect the average home price to reach approximately $350,000 by 2029. For average rent prices, the trend is less clear due to recent volatility. However, if the current decline stabilizes and reverses, we might see average rents return to around $900-$950 per month in the next five years.
In summary, zip code 45369 has experienced a significant shift towards homeownership, accompanied by substantial growth in average home prices. The area has shown resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. The rental market, while shrinking, has seen notable price fluctuations. These trends suggest a dynamic and evolving housing landscape in South Vienna, with a strong preference for homeownership among its residents.
