Loading Content...
Home Values and Ownership in Zip Code 45171: A Rural Ohio Community's Housing Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lake Waynoka, located in zip code 45171 in Ohio, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate landscape.
The homeownership rate in Lake Waynoka has remained relatively stable over the years. In 2013, the homeownership rate was 83%, and after a slight decrease to 79% in 2019, it returned to 83% in 2022. This stability in homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $124,262, which rose consistently to reach $251,094 by 2022, representing a substantial 102% increase over this period.
The relationship between federal interest rates and homeownership rates in Lake Waynoka presents an interesting case. Despite the federal interest rate rising from 0.11% in 2013 to 1.68% in 2022, the homeownership rate remained stable at 83%. This suggests that local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages and average rent prices in Lake Waynoka have shown some correlation. The percentage of renters increased from 17% in 2013 to 21% in 2019, before returning to 17% in 2022. During this period, average rent prices saw a consistent upward trend, rising from $648 in 2013 to $820 in 2022, a 26.5% increase. This rise in rent prices occurred despite fluctuations in the renter population, indicating a strong demand for rental properties in the area.
The average home price in Lake Waynoka continued its upward trajectory, reaching $260,486 in 2023 and $268,773 in 2024. This represents a 7% increase from 2022 to 2024. Federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, the average home prices in Lake Waynoka are expected to continue rising, potentially reaching around $300,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $950 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
Lake Waynoka has demonstrated a robust housing market with steadily increasing average home and rent prices. The area has maintained a high homeownership rate despite rising property values and fluctuating interest rates. The coming years may see continued growth in both the ownership and rental markets, reflecting the area's desirability and economic stability.
