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Zip Code 43045: Rising Home Values and High Ownership Rates in Milford Center, Ohio
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 43045, located in Milford Center, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home and rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 43045 has shown a steady increase from 2013 to 2022. In 2013, 83% of residents were homeowners, and this figure rose to 85% by 2022. During this period, average home prices also saw significant growth. In 2013, the average home price was $154,450, which increased to $264,286 by 2022, representing a substantial 71% increase over nine years. This parallel growth in homeownership and home prices suggests a strong local housing market with increasing demand for owner-occupied properties.
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 0.40%), homeownership remained stable at 83-84%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership actually increased slightly to 85%, possibly due to expectations of future rate hikes encouraging buyers to enter the market. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a peak in homeownership at 87%, demonstrating how low rates can stimulate home buying activity.
Renter percentages in zip code 43045 have inversely mirrored the homeownership trends, decreasing from 17% in 2013 to 15% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $929, which increased to a peak of $1,052 in 2021 before slightly decreasing to $1,000 in 2022. This represents a 7.6% overall increase in average rent from 2013 to 2022. The fluctuations in rent prices, particularly the decrease from 2021 to 2022, may be attributed to changes in local supply and demand dynamics, potentially influenced by the area's varying population, which ranged from 2,324 in 2013 to 2,235 in 2022.
In 2023, the average home price in zip code 43045 reached $275,161, continuing the upward trend seen in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further climbed to $289,582, with interest rates slightly higher at 5.33%. These figures indicate a resilient housing market that has maintained growth even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that the strong housing market in zip code 43045 is likely to continue its upward trajectory. Over the next five years, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $335,000 to $350,000 by 2029. Average rent prices are expected to follow a similar trend, with estimated increases of 2-4% per year, potentially reaching $1,100 to $1,200 by 2029.
In summary, zip code 43045 has demonstrated a robust and growing housing market characterized by increasing homeownership rates and rising average home prices. The area has shown resilience to interest rate fluctuations, maintaining growth even during periods of higher rates. While renter percentages have decreased slightly, rent prices have generally trended upward, albeit with some volatility. These trends, combined with the current market conditions and interest rate environment, suggest a continued strong and stable real estate market in this Ohio community for the foreseeable future.
