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Rising Home Values and Ownership in Zip Code 44024: Chardon'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 44024, located in Chardon, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, spanning 88.19 square miles, has shown a general trend towards increased homeownership and rising property values, with some fluctuations in average rent prices. The homeownership rate in zip code 44024 has seen a steady increase from 82% in 2018 to 87% in 2022, indicating a strong preference for property ownership in the area. This upward trend in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $200,416, which increased to $316,837 by 2022, representing a 58% growth over nine years. This correlation suggests that despite rising home prices, residents in the area have maintained a strong desire and ability to purchase homes.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 44024. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the area continued to climb, suggesting that other local factors may have offset the potential negative impact of higher borrowing costs.
The renter population in zip code 44024 has experienced a decline, dropping from 17% in 2018 to 13% in 2022. Interestingly, this decrease in the renter population has not led to a consistent decline in average rent prices. The average rent price fluctuated over the years, rising from $864 in 2013 to a peak of $1,092 in 2018, before settling at $987 in 2022. This suggests that despite fewer renters, demand for rental properties has remained relatively strong, possibly due to the overall population growth in the area, which increased from 22,889 in 2018 to 23,006 in 2022.
As of 2024, the average home price in zip code 44024 has reached $341,324, showing continued appreciation from the 2022 value. This represents a 7.7% increase over two years. The federal interest rate in 2024 stands at 5.33%, significantly higher than in previous years. Despite this substantial increase in interest rates, the housing market in this zip code appears to remain robust, with home prices continuing to rise.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices for zip code 44024 over the next five years. Assuming a conservative annual appreciation rate of 3-4%, average home prices could potentially reach $395,000 to $415,000 by 2029. Average rent prices may also see moderate increases, potentially reaching $1,100 to $1,200 per month by 2029, assuming a 2-3% annual increase.
In summary, zip code 44024 has demonstrated a strong trend towards homeownership, with rates rising to 87% by 2022. This increase has occurred alongside significant growth in average home prices, which have more than doubled since 2010. Despite rising interest rates and fluctuations in the rental market, the area continues to show robust demand for homeownership. The continued appreciation of home values, even in the face of higher interest rates, suggests a resilient and desirable housing market in this Chardon zip code.
