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Rising Home Values and Ownership Fluctuations in Zip Code 44704: Canton'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
Zip code 44704, located in Canton, Ohio, has experienced significant demographic and housing market changes over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 44704 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 48%, and by 2022, it stood at 47%. During this period, average home prices in the area have shown a general upward trend, despite some initial declines. In 2010, the average home price was $52,376, which decreased to $29,657 in 2015, representing a significant drop of 43.4%. However, from 2015 onwards, there has been a steady increase in average home prices, reaching $60,067 in 2022, marking a 102.5% increase from the 2015 low.
Federal interest rates have played a role in shaping homeownership trends in zip code 44704. From 2010 to 2015, when interest rates were consistently low (ranging from 0.09% to 0.18%), the homeownership rate remained relatively stable. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership, dropping from 48% in 2013 to 47% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in zip code 44704 has shown interesting trends as well. The percentage of renters increased from 52% in 2013 to 56% in 2022, indicating a slight shift towards renting in the area. Concurrently, average rent prices have experienced an overall upward trend. In 2013, the average rent was $467, which decreased slightly to $414 in 2015. However, from 2015 onwards, there has been a consistent increase in average rent prices, reaching $530 in 2022, representing a 28% increase from the 2015 low. This trend in rent prices coincides with a decrease in population from 4,437 in 2013 to 3,533 in 2022, suggesting that other factors, such as local economic conditions or housing supply constraints, may be influencing rent prices more than population changes.
In 2023 and 2024, the housing market in zip code 44704 continued to evolve. The average home price in 2023 was $56,875, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $62,259, representing a 9.5% increase from 2023. This increase occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or other positive market factors offsetting the impact of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 44704. For average home prices, if the current upward trajectory continues, we might expect prices to reach around $75,000 to $80,000 by 2029. However, this growth may be moderated by high interest rates if they persist. For average rent prices, the trend suggests a potential increase to approximately $650 to $700 per month by 2029, assuming consistent growth patterns and no significant economic disruptions.
In summary, zip code 44704 has demonstrated resilience in its housing market, with homeownership rates remaining relatively stable despite fluctuations in home prices and interest rates. The area has seen a gradual shift towards renting, accompanied by increases in both average home prices and rent prices. The recent rebound in home prices, despite high interest rates, suggests a robust local housing market that may continue to see growth in the coming years.
