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Rising Home Values and Shifting Ownership in Zip Code 44504: Youngstown's Urban 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
Zip code 44504, located in Youngstown, Ohio, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen fluctuations in its population density and housing market dynamics, reflecting broader economic trends in the region. The homeownership rate in zip code 44504 has shown a gradual decline from 2013 to 2022. In 2013, the area had an equal split between owners and renters at 50% each. However, by 2022, the homeownership rate had decreased to 46%, while the percentage of renters increased to 54%. This shift coincided with significant changes in average home prices. In 2013, the average home price was $34,962, but by 2022, it had more than doubled to $78,788, representing a 125% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), the homeownership rate remained relatively stable at around 49-50%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% by 2022, the homeownership rate declined to 46%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
Renter percentages in zip code 44504 have shown an inverse relationship to homeownership rates, increasing from 50% in 2013 to 54% in 2022. Interestingly, this rise in the renter population occurred despite a general decrease in average rent prices. In 2013, the average rent was $881, but it fell to $703 by 2022, a decrease of about 20%. This counterintuitive trend might be attributed to factors such as changes in local economic conditions or shifts in housing preferences.
Looking at more recent data, the average home price in zip code 44504 continued to rise, reaching $80,699 in 2023 and $84,318 in 2024. This represents a further increase of 7% from 2022 to 2024. Concurrently, federal interest rates have significantly increased, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44504 will continue to rise, potentially reaching around $100,000 by 2029. This projection is based on the consistent upward trend observed since 2014. For rent prices, the forecast suggests a possible stabilization or slight increase, potentially reaching an average of $750-$800 per month by 2029, assuming economic conditions remain relatively stable.
In summary, zip code 44504 has experienced a shift towards a higher percentage of renters, despite decreasing average rent prices. Simultaneously, average home prices have more than doubled since 2013, potentially making homeownership less accessible for some residents. The recent sharp increase in interest rates could further influence these trends, potentially leading to continued growth in the rental market and slower growth in homeownership rates in the coming years.
