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Rising Home Values and Shifting Ownership in Kingston's 45644 Zip Code: A Decade of Rural Housing Dynamics
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
Kingston, located in zip code 45644 in Ohio, has experienced notable shifts in its housing market over the past decade. This rural community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics. The homeownership rate in Kingston has shown a gradual decline over recent years. In 2013, the homeownership rate stood at 79%, reaching a peak of 85% in 2017. However, by 2022, this figure had decreased to 75%. Concurrently, average home prices in the area have demonstrated a steady upward trajectory. In 2013, the average home price was $130,247, which rose to $224,028 by 2022, representing a significant increase of 72% over this period.
The relationship between federal interest rates and homeownership rates in Kingston shows an interesting pattern. When interest rates were at historic lows, such as 0.08% in 2021, the homeownership rate was 76%. As interest rates began to rise, reaching 1.68% in 2022, the homeownership rate slightly decreased to 75%. This aligns with the general trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Kingston have shown an inverse relationship to homeownership rates, increasing from 21% in 2013 to 25% in 2022. Average rent prices, however, have not followed a consistent trend. In 2013, the average rent was $1,009, which decreased to $914 by 2022, representing a 9.4% decrease. This decline in average rent prices, despite an increase in the renter population, could be influenced by factors such as local economic conditions or changes in housing supply.
In 2023 and 2024, Kingston has seen continued growth in average home prices. The average home price in 2023 was $234,535, further increasing to $246,911 in 2024. This represents a 10.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in Kingston are likely to continue their upward trend over the next five years, potentially reaching around $290,000 by 2029. Average rent prices, which have been more volatile, may stabilize and show modest increases, possibly reaching approximately $950 by 2029.
In summary, Kingston has experienced a gradual shift towards more renters, with homeownership rates declining from their peak in 2017. Despite this trend, average home prices have shown robust growth, particularly in recent years. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics shaping the local real estate market. As the community continues to evolve, these trends will play a crucial role in determining future housing affordability and accessibility in zip code 45644.
