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Springboro's Zip Code 45066: Steady Homeownership Amidst Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Springboro, located in zip code 45066 in Ohio, has experienced significant growth in its real estate market over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices in the area from 2010 to 2024.
The homeownership rate in Springboro has remained high, with a slight increase from 85% in 2018 to 88% in 2022, indicating a strong preference for property ownership. Average home prices have shown a consistent upward trend, rising from $211,135 in 2010 to $378,205 in 2022, representing a substantial 79% increase over this period.
The relationship between federal interest rates and homeownership rates in Springboro has followed the general trend observed nationwide. From 2010 to 2020, interest rates remained historically low, ranging from 0.08% to 2.16%. During this period, homeownership rates in Springboro stayed consistently high, above 85%. The low interest rates likely contributed to maintaining these high homeownership levels by making mortgages more affordable for residents.
Renter percentages in Springboro have fluctuated slightly, ranging from 12% to 15% between 2013 and 2022. Average rent prices have shown some variability, increasing from $1,214 in 2013 to a peak of $1,319 in 2014, before gradually declining to $1,136 in 2022. This represents a 6.4% decrease in average rent prices from 2013 to 2022. The population growth from 21,595 in 2013 to 24,096 in 2022 may have influenced these rental market dynamics, potentially affecting supply and demand for rental properties.
In 2023 and 2024, the housing market in Springboro continued its upward trajectory. The average home price reached $397,089 in 2023 and further increased to $409,663 in 2024, representing a 5% and 3.2% year-over-year growth, respectively. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen the local housing market's growth, suggesting strong underlying demand for homes in the area.
Looking ahead, applying predictive models to forecast 5-year trends suggests that average home prices in Springboro may continue to rise, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices, which have been relatively stable in recent years, may see modest increases as the population continues to grow and housing demand remains strong.
In summary, Springboro's housing market has demonstrated robust growth in average home prices over the past decade, with homeownership rates remaining consistently high. The rental market has shown more stability in both pricing and occupancy rates. The recent increases in federal interest rates have not yet significantly impacted the upward trajectory of home prices, highlighting the area's strong appeal to homebuyers. As Springboro continues to grow, these trends suggest a healthy and dynamic real estate market in the coming years.
