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Home Values and Ownership in Zip Code 44666: A Decade of Growth in North Lawrence, 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 44666, located in North Lawrence, Ohio, presents an interesting case study in homeownership and real estate trends. This area has experienced significant fluctuations in ownership rates and property values over the past decade, with a notable trend towards increased homeownership in recent years.
The ownership percentage in zip code 44666 has shown a strong upward trend, particularly in the last few years. In 2013, the homeownership rate was 83%, which increased to 92% by 2022, marking a substantial 9 percentage point increase. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $145,125, which grew to $265,567 by 2022, representing an impressive 83% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate generally increased. For instance, when the interest rate was 0.08% in 2021, the homeownership rate reached 86%. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Conversely, the renter percentage in zip code 44666 has decreased over time, from 17% in 2013 to just 8% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $773 in 2013 to $808 in 2022, with some fluctuations in between. Notably, the highest average rent of $922 was recorded in 2021, despite the renter percentage being at a low of 14% that year.
Looking at the most recent data, the average home price in zip code 44666 continued to rise, reaching $285,348 in 2023 and $293,286 in 2024. This represents a 10.4% increase from 2022 to 2024. Interestingly, this price growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area, potentially driven by factors beyond just financing costs.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 44666 to continue their upward trajectory, potentially reaching around $340,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of around $950 per month by 2029, assuming the current trends in population and homeownership rates persist.
In summary, zip code 44666 has demonstrated a strong trend towards homeownership, with significant increases in both ownership rates and average home prices. Despite rising interest rates, the housing market in this area has shown resilience and continued growth. The rental market, while shrinking in terms of percentage, has maintained relatively stable prices with a slight upward trend. These patterns suggest a robust and desirable housing market in North Lawrence, Ohio, with potential for continued growth in property values in the coming years.
