Loading Content...
Average Home Values and Ownership Trends in Zip Code 41018: Erlanger's Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 41018, located in Erlanger, Kentucky, has experienced notable shifts in its housing market over the past decade. This area, covering 12.83 square miles, has seen fluctuations in homeownership rates and significant changes in both average home prices and average rent prices.
The homeownership rate in zip code 41018 has shown a general decline from 2013 to 2019, followed by a slight recovery. In 2013, 72% of residents were homeowners, but this figure dropped to 63% by 2019. However, there has been a modest rebound, with homeownership reaching 66% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $109,124, which has risen consistently, reaching $199,243 in 2022. This represents an impressive 82.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2015 (0.11% to 0.13%), homeownership rates declined from 72% to 67%. However, as interest rates began to rise more significantly from 2016 to 2019 (0.4% to 2.16%), homeownership rates continued to decrease, reaching 63% in 2019. Interestingly, the slight recovery in homeownership rates from 2020 to 2022 (65% to 66%) occurred during a period of fluctuating interest rates, suggesting other factors may have influenced this trend.
Renter percentages in zip code 41018 have shown an inverse relationship to homeownership rates, increasing from 28% in 2013 to 37% in 2019, before slightly decreasing to 34% in 2022. Average rent prices have generally increased over this period, rising from $991 in 2013 to $1,069 in 2018, an 8% increase. However, there have been fluctuations, with average rent dropping to $1,019 in 2020 before rising again to $1,011 in 2022. The population has remained relatively stable during this period, suggesting that changes in rent prices may be influenced more by market conditions than population pressure.
In 2023 and 2024, the housing market in zip code 41018 continued its upward trajectory. The average home price reached $213,266 in 2023 and further increased to $221,383 in 2024, representing a 3.8% 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 market factors driving home prices.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and average rent prices over the next five years. Average home prices could potentially reach around $260,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices might increase to approximately $1,200 per month, factoring in historical growth patterns and potential market adjustments.
In summary, zip code 41018 has experienced a gradual shift towards more renters over the past decade, with a recent slight reversal of this trend. Despite fluctuations in homeownership rates, average home prices have shown consistent and substantial growth. The rental market has seen more moderate increases in prices, with some volatility. The area's ability to maintain rising home values even in the face of increasing interest rates suggests a robust local housing market, likely driven by factors such as local economic conditions and demand for housing in the Erlanger area.
