Loading Content...
Average Home Values and Ownership Trends in Zip Code 44826: A Decade of Substantial Growth
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 44826, located in Collins, Ohio, has experienced notable shifts in its housing market over the past decade. This area has seen significant fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 44826 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 85%, and it reached a peak of 91% in 2022. This substantial increase coincides with a steady rise in average home prices. In 2013, the average home price was $97,734, which more than doubled to $193,511 by 2022. This correlation suggests that as property values increased, more residents were motivated to invest in homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership from 85% to 86%. As interest rates began to rise more sharply in 2022, reaching 1.68%, we saw homeownership rates continue to climb to 91%, possibly due to residents seeking to secure mortgages before rates increased further.
The rental market in zip code 44826 has experienced inverse trends to homeownership. The percentage of renters decreased from 15% in 2013 to 9% in 2022. Despite this decline, average rent prices have shown volatility. In 2013, the average rent was $1,169, which decreased to $885 in 2015 before rising again to $1,204 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a complex rental market influenced by factors such as housing availability and local economic conditions.
In 2023 and 2024, the housing market in zip code 44826 continued its upward trajectory. The average home price reached $202,537 in 2023 and further increased to $210,639 in 2024. This represents a 4.5% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership rates and market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 44826 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the area's overall economic growth and housing demand.
The most significant discoveries in zip code 44826 include the substantial increase in homeownership rates, the more than doubling of average home prices from 2013 to 2022, and the volatile yet overall increasing trend in average rent prices. The inverse relationship between homeownership and rental rates, coupled with rising property values, indicates a strong preference for homeownership in this area. As interest rates continue to rise, it will be crucial to monitor how these factors influence the housing market dynamics in the coming years.
