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Average Home Values and Ownership: Zip Code 45439's Evolving Housing Market in Moraine, Ohio
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 45439, located in Moraine, Ohio, has experienced significant demographic and housing market shifts over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 45439 has shown a slight decline over the years, dropping from 60% in 2017 to 54% in 2022. During this same period, average home prices have seen a substantial increase. In 2010, the average home price was $67,246, which rose steadily to reach $145,008 by 2022, representing a remarkable 115.6% increase over 12 years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in the area. In 2012, when interest rates were at a low of 0.14%, the homeownership rate was not available in the data. However, as interest rates began to rise, reaching 1.83% in 2018, the homeownership rate held steady at 60%. Interestingly, despite interest rates dropping to 0.08% in 2021, the homeownership rate decreased to 55%, indicating that other factors beyond interest rates were influencing homeownership decisions in the area.
The renter population in zip code 45439 has shown a gradual increase, rising from 40% in 2017 to 46% in 2022. This trend coincides with fluctuations in average rent prices. In 2013, the average rent was $874, which increased to $932 by 2017. However, there was a slight decline to $889 in 2022. The population growth from 10,833 in 2017 to 11,522 in 2022 may have contributed to the increased demand for rental properties, despite the minor decrease in average rent prices.
Looking at the most recent data, the average home price in zip code 45439 continued its upward trajectory, reaching $150,117 in 2023 and further increasing to $157,206 in 2024. This represents a 4.7% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45439 will continue to rise, potentially reaching around $180,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,000 per month by 2029, assuming the area's economic conditions and population growth remain stable.
In summary, zip code 45439 has experienced a gradual shift towards a higher proportion of renters, coupled with substantial increases in average home prices. The interplay between federal interest rates, local economic conditions, and population growth has shaped these trends. As average home prices continue to rise, we may see further changes in the balance between homeowners and renters in this Ohio community.
