Loading Content...
Home Values and Ownership in Zip Code 45168: A Decade of Change in Russellville, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 45168, encompassing Russellville in Ohio, has experienced significant changes in its housing market over the past decade. This small rural community has seen notable shifts in homeownership rates and fluctuations in average home and rent prices, reflecting broader economic trends and local market dynamics. From 2013 to 2022, homeownership rates in zip code 45168 underwent fluctuations before ultimately increasing. The homeownership rate started at 84% in 2013, dipped to a low of 75% in 2019, and then rose to 86% in 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. The average home price in the area rose from $120,740 in 2016 to $198,505 in 2022, representing a 64.4% increase over six years.
The relationship between federal interest rates and homeownership rates in zip code 45168 follows a somewhat counterintuitive pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates initially declined before rebounding. This suggests that local factors, such as employment opportunities or demographic shifts, may have played a more significant role in homeownership trends than national interest rates alone.
Renter percentages in zip code 45168 showed an inverse relationship to homeownership rates. The percentage of renters increased from 15% in 2013 to a peak of 25% in 2019 before declining to 14% in 2022. Interestingly, average rent prices did not consistently follow this trend. Average rent peaked at $897 in 2013, dropped to a low of $612 in 2018, and then rose again to $737 in 2022. This volatility in rent prices, coupled with a declining population (from 1,373 in 2013 to 1,008 in 2022), suggests a complex interplay of factors affecting the rental market in this area.
In 2023 and 2024, the average home prices in zip code 45168 continued to rise, reaching $201,348 in 2023 and $207,251 in 2024. This represents a steady increase of 1.4% from 2022 to 2023 and 2.9% from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homebuying activities in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 45168 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate would place average home prices around $230,000 by 2029. Average rent prices, which have been more volatile, are likely to stabilize and increase moderately, potentially reaching around $850 per month by 2029.
In summary, zip code 45168 has experienced a resurgence in homeownership rates despite rising home prices, suggesting strong local demand for housing. The rental market has shown volatility, influenced by population decline and changing economic conditions. As the area continues to evolve, the interplay between homeownership rates, housing prices, and rental market dynamics will be crucial in shaping the community's future housing landscape.
