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Home Values and Ownership in Zip Code 44656: Mineral City's Evolving Housing Market
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 44656, located in Mineral City, Ohio, presents an intriguing real estate landscape with evolving homeownership patterns and pricing trends. This area has experienced fluctuations in its ownership percentages, coupled with a consistent rise in average home prices over the past decade. The average rent prices, while more volatile, have also shown an overall upward trajectory.
The homeownership rate in zip code 44656 has seen a gradual decline from 2013 to 2022. In 2013, the ownership percentage stood at 80%, which remained relatively stable until 2017. However, by 2022, this figure had decreased to 73%. Interestingly, this decline in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $101,508, which steadily rose to $189,611 by 2022, representing an impressive 86.8% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 44656. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable at around 80-81%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, we observed a corresponding decline in homeownership rates. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in zip code 44656 has shown an inverse relationship to homeownership rates, increasing from 20% in 2013 to 27% in 2022. This rise in the renter population coincided with fluctuations in average rent prices. The average rent peaked at $733 in 2013, then experienced a period of decline, reaching a low of $663 in 2018. However, rent prices began to recover, rising to $697 by 2022. It's worth noting that despite the increase in the renter population, the average rent prices in 2022 were still lower than their 2013 peak, suggesting a complex interplay between supply, demand, and other local economic factors.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 44656. The average home price reached $195,781 in 2023 and further increased to $203,519 in 2024, representing a 4.0% year-over-year growth. This rise occurred despite a significant increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates would typically be expected to cool the housing market, yet home prices in this area have continued to appreciate, indicating strong underlying demand or other local factors supporting home values.
Looking ahead, our predictive models forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to maintain their upward trajectory, potentially reaching around $240,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially approaching $750 per month by 2029. These projections assume a continuation of current trends and do not account for potential significant economic shifts or policy changes.
In summary, zip code 44656 has experienced a notable shift in its housing market dynamics over the past decade. The area has seen a gradual decline in homeownership rates, coupled with substantial appreciation in average home prices. Renter percentages have increased, while average rent prices have fluctuated but generally trended upward. The resilience of home prices in the face of rising interest rates suggests a robust local real estate market, with projections indicating continued growth in both home values and rent prices in the coming years.
