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Average Home Values Soar in Georgetown, Ohio Zip Code 45121: A Decade of Housing Market Resilience
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 45121, located in Georgetown, Ohio, has experienced significant changes in its housing market 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 dynamics.
The homeownership rate in zip code 45121 has shown some variability but has generally remained stable. In 2013, the homeownership rate was 68%, and by 2022, it had increased slightly to 72%. During this period, average home prices in the area experienced substantial growth. In 2013, the average home price was $96,507, and by 2022, it had risen to $197,023, representing a remarkable increase of 104% over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 45121. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, fluctuating between 67% and 71%. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), there was a slight dip in homeownership, reaching a low of 65% in 2019. However, the area saw a rebound in homeownership to 72% by 2022, despite rising interest rates, possibly due to other local economic factors.
Rental trends in zip code 45121 have shown an inverse relationship with homeownership rates. In 2013, the renter-occupied rate was 32%, with an average rent of $678. By 2022, the renter-occupied rate had decreased slightly to 28%, while the average rent had increased to $752, a 10.9% rise over nine years. The population in the area decreased from 10,053 in 2013 to 9,488 in 2022, which may have contributed to the slight decrease in rental demand.
In 2023, the average home price in zip code 45121 reached $204,585, continuing its upward trajectory. This trend persisted into 2024, with average home prices rising to $212,515. Notably, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial shift from the low-interest environment of previous years.
Looking ahead, predictive models suggest that average home prices in zip code 45121 are likely to continue their upward trend 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, keeping pace with inflation and local market conditions.
In summary, zip code 45121 has demonstrated resilience in its housing market, with a strong preference for homeownership despite rising home prices. The area has seen significant appreciation in property values, moderate increases in average rent, and a slight decrease in the rental occupancy rate. These trends, combined with recent interest rate hikes, suggest a dynamic housing market that continues to evolve in response to both local and national economic factors.
