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Home Values and Ownership in Zip Code 45014: A Decade of Change in Fairfield, 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 45014, located in Fairfield, Ohio, has shown interesting demographic and housing market trends over the past decade. This area has experienced fluctuations in homeownership rates, with a general trend towards increased renting. Meanwhile, average home prices have seen significant growth, particularly in recent years, while average rent prices have also risen steadily.
The homeownership rate in zip code 45014 has slightly decreased over time, from 65% in 2013 to 62% in 2022. This decline coincides with a substantial increase in average home prices. In 2013, the average home price was $127,456, which rose to $242,514 by 2022, representing a 90% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were very low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 63%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight decline in homeownership to 61% by 2019. Interestingly, despite very low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates didn't increase significantly, possibly due to economic uncertainties during the COVID-19 pandemic.
The percentage of renters in zip code 45014 has increased from 35% in 2013 to 38% in 2022. This trend aligns with the rise in average rent prices, which grew from $936 in 2013 to $1,023 in 2022, an increase of about 9.3%. The population of the area has also grown during this period, from 43,703 in 2013 to 45,278 in 2022, potentially contributing to increased demand for rental properties and subsequent rent increases.
In 2023, the average home price in zip code 45014 reached $254,652, with federal interest rates at 5.02%. Moving into 2024, we see a continued upward trend in average home prices, reaching $262,990, while interest rates have slightly increased to 5.33%. This sustained growth in home prices, despite higher interest rates, suggests strong demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 45014 will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections assume continued population growth and economic stability in the area.
In summary, zip code 45014 has experienced a gradual shift towards renting, with homeownership rates declining slightly as average home prices have significantly increased. The area has shown resilience in its housing market, with both home prices and rent prices rising steadily. The relationship between federal interest rates and homeownership rates has been complex, influenced by various economic factors. As we move forward, the local real estate market in this zip code appears poised for continued growth in both home values and rental costs.
