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Zanesville, Ohio: Home Values Soar 85.8% in a Decade
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
Zanesville, a city in Ohio, is known for its unique Y-shaped bridge spanning the confluence of the Licking and Muskingum Rivers. This historic city has experienced fluctuations in homeownership rates and housing prices over the past decade. From 2013 to 2022, the percentage of owner-occupied homes remained relatively stable, hovering around 51-52%. During this period, average home prices showed a consistent upward trend, while average rent prices also increased, albeit at a more moderate pace.
The relationship between homeownership rates and average home prices in Zanesville presents an interesting dynamic. Despite the significant rise in average home prices from $87,976 in 2013 to $163,451 in 2022, an impressive 85.8% increase, the percentage of owner-occupied homes remained remarkably steady. This suggests that other factors, such as local economic conditions or housing availability, may have played a role in maintaining homeownership levels. The stability in homeownership rates, even as prices rose, indicates a resilient local housing market and potentially strong demand for homeownership in Zanesville.
Federal interest rates have historically influenced homeownership rates, with lower rates generally encouraging home buying. In Zanesville, we observe that the period of extremely low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%) coincided with the stable homeownership rate of around 51-52%. This stability during a period of favorable borrowing conditions suggests that other local factors may have been at play in determining homeownership trends in Zanesville.
Renter percentages in Zanesville have mirrored the homeownership rates, remaining relatively constant at around 48-49% from 2013 to 2022. Average rent prices, however, have shown a general upward trend. In 2013, the average rent was $642, which increased to $684 by 2022, representing a 6.5% rise. This moderate increase in rent prices, compared to the more substantial rise in home prices, may have contributed to the stability in renter percentages. The city's population has fluctuated slightly during this period, from 30,748 in 2013 to 31,891 in 2022, which could have influenced the demand for rental properties and, consequently, rent prices.
Looking at the most recent data, average home prices in Zanesville continued their upward trajectory, reaching $171,773 in 2023 and $182,561 in 2024. This represents a significant 11.7% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the previous decade. These higher interest rates could potentially impact homeownership trends and affordability in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Zanesville will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes similar economic conditions persist. For rent prices, we expect a more moderate increase, potentially reaching an average of approximately $750 per month by 2029, considering the historical growth rate and local economic factors.
In summary, Zanesville's housing market has demonstrated resilience with stable homeownership rates despite significant increases in average home prices. The moderate rise in rent prices, coupled with steady renter percentages, suggests a balanced rental market. The recent sharp increase in interest rates, combined with continuing rises in home prices, may present new challenges for homeownership in the coming years. However, the historical stability of Zanesville's housing market indicates a potential for adaptation to these changing conditions.
