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Home Values and Ownership Trends in Zip Code 44406: Canfield's Decade of Growth
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 44406, located in Canfield, Ohio, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a high rate of owner-occupied homes, while experiencing steady growth in both average home prices and average rent prices.
The homeownership rate in zip code 44406 has remained relatively stable, with a slight increase from 81% in 2013 to 83% in 2022. This high rate of homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $173,347, which increased to $278,305 by 2022, representing a 60.5% increase over nine years. This trend suggests a strong correlation between sustained high homeownership rates and rising property values in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (between 0.09% and 0.40%), homeownership rates in the zip code remained steady at around 80-81%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership actually increased slightly to 84%, possibly due to anticipation of further rate increases motivating buyers to enter the market.
Renter percentages in zip code 44406 have shown a slight decline, from 19% in 2013 to 17% in 2022. Despite this decrease, average rent prices have risen considerably. In 2013, the average rent was $812, which increased to $1,071 by 2022, a 31.9% increase. This trend of rising rent prices despite a decreasing renter population could be attributed to overall housing market appreciation and increased demand for rental properties in the area.
In 2023 and 2024, the housing market in zip code 44406 continued its upward trajectory. The average home price reached $291,302 in 2023 and further increased to $304,306 in 2024, representing a 9.3% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 44406 to continue rising, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach around $335,000 to $350,000 in the next five years. Average rent prices are also likely to increase, potentially reaching $1,200 to $1,300 per month in the same period, assuming the current trends persist.
In summary, zip code 44406 has demonstrated a robust housing market characterized by high homeownership rates, steadily increasing average home prices, and rising average rent prices. The area has shown resilience in maintaining strong property values and rental demand, even in the face of fluctuating interest rates. These trends point towards a continued attractive market for both homeowners and property investors in the coming years.
