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Rising Home Values and Shifting Ownership in Mansfield's Zip Code 44902: A Decade of Housing Market Transformation
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 44902, located in Mansfield, Ohio, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership and increasing average home and rent prices, reflecting broader economic changes in the region.
The homeownership rate in zip code 44902 has shown a consistent decline from 2013 to 2022. In 2013, 47% of housing units were owner-occupied, but by 2022, this figure had dropped to 38%. This 9 percentage point decrease in homeownership coincided with a substantial increase in average home prices. The average home price in 2013 was $17,760, rising dramatically to $46,265 by 2022, representing a 160% increase over this period.
Federal interest rates have played a role in these trends. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this time, homeownership rates in the zip code remained relatively stable, ranging from 44% to 47%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined more rapidly, falling from 41% in 2017 to 38% in 2022. This suggests that rising interest rates may have contributed to the decreasing affordability of homeownership in the area.
The renter population in zip code 44902 has grown correspondingly with the decline in homeownership. The percentage of renter-occupied units increased from 53% in 2013 to 62% in 2022. This shift coincided with a rise in average rent prices, which increased from $584 in 2013 to $660 in 2022, a 13% increase. It's worth noting that the population in this zip code also grew during this period, from 5,446 in 2013 to 6,162 in 2022, potentially contributing to increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 44902 continued to evolve. The average home price rose further to $46,998 in 2023 and then jumped significantly to $52,858 in 2024, marking a 12.5% increase in just one year. This sharp increase occurred despite the Federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to dampen housing demand.
Looking ahead, predictive models suggest that the trends of rising home prices and rents are likely to continue in zip code 44902 over the next five years. Average home prices are projected to increase by approximately 7-10% annually, potentially reaching around $75,000 by 2029. Average rent prices are expected to rise at a more moderate rate of 3-5% per year, potentially reaching $780-$800 by 2029.
In summary, zip code 44902 has experienced a significant shift from homeownership to renting over the past decade, accompanied by substantial increases in both home prices and rents. Despite rising interest rates, home prices have continued to climb, suggesting strong demand in the area. The projected continuation of these trends indicates that the local real estate market is likely to remain dynamic and potentially challenging for prospective homeowners in the coming years.
