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Home Values and Ownership Trends in Zip Code 44202: Aurora's Resilient 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
Aurora, located in zip code 44202 in Ohio, has experienced notable trends in homeownership, average home prices, and average rent prices over the past decade. This area has seen a steady increase in homeownership rates, coupled with fluctuating average home and rent prices.
The homeownership rate in Aurora has shown a consistent upward trend, rising from 79% in 2013 to 84% in 2022. This increase in homeownership corresponds with a significant rise in average home prices. In 2013, the average home price was $227,447, which steadily increased to $367,882 by 2022, representing a 61.7% increase over nine years. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $298,645 to $333,830, a 11.8% increase in a single year.
The relationship between federal interest rates and homeownership rates in Aurora aligns with well-established trends. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.68%, homeownership rates continued to climb. This correlation suggests that the low-interest-rate environment likely contributed to the increased affordability of home financing, encouraging more residents to become homeowners.
Conversely, the percentage of renters in Aurora has decreased from 20% in 2013 to 16% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. In 2013, the average rent was $1,431, which peaked at $1,490 in 2018 before declining to $1,254 in 2022. This represents a 12.3% decrease in average rent prices from 2018 to 2022. The fluctuation in rent prices, despite a decreasing renter population, could be attributed to various factors, including changes in housing supply and overall economic conditions.
In 2023 and 2024, the housing market in Aurora continued to evolve. The average home price in 2023 reached $382,830, a 4.1% increase from 2022. In 2024, it further rose to $394,385, representing a 3% increase from 2023. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can forecast potential 5-year trends for average home and rent prices in Aurora. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $450,000 to $475,000 by 2029. For average rent prices, the trend suggests a potential stabilization or slight increase, possibly reaching $1,300 to $1,350 by 2029.
In summary, Aurora (zip code 44202) has experienced a significant increase in homeownership rates and average home prices over the past decade, while the renter population has decreased. The area has shown resilience in its housing market, with steady growth in property values. However, the recent rise in interest rates may influence future trends in homeownership and housing affordability. The rental market, while smaller, has shown some volatility in pricing, and future trends will likely depend on the balance between housing supply and demand in the area.
