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Zip Code 44021: Rising Home Values and Stable Ownership in Burton, 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 44021, located in Burton, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 6,968 in 2022, has shown resilience in its real estate market despite fluctuations in demographics and economic conditions.
The homeownership rate in zip code 44021 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the ownership rate stood at 81%, dropping slightly to 76% in 2015, before recovering to 79% by 2022. During this same period, average home prices demonstrated a steady upward trend. In 2013, the average home price was $152,298, which increased to $248,699 by 2022, representing a significant 63.3% growth over nine years.
Federal interest rates appear to have influenced homeownership rates in this area. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates remained relatively high, hovering around 77-81%. As interest rates began to rise more steadily from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized at 79%, suggesting that residents in this area were still able to manage home purchases despite increasing borrowing costs.
Renter percentages in zip code 44021 have shown slight variations, ranging from 16% in 2013 to 21% in 2022. Interestingly, average rent prices have not followed a consistent upward trend like home prices. In 2013, the average rent was $974, peaking at $1,033 in 2015 before declining to $854 in 2022. This 17.2% decrease in average rent over the period could be attributed to various factors, including changes in housing supply or local economic conditions.
Looking at more recent data, the average home price in zip code 44021 continued its upward trajectory, reaching $258,847 in 2023 and further increasing to $268,630 in 2024. This represents a 4.1% year-over-year increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise, jumping from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44021 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $310,000 to $330,000, assuming a steady annual growth rate of 3-4%. For rent prices, the forecast suggests a potential stabilization or modest increase, with average rents possibly ranging from $900 to $1,000 by 2029, considering the historical fluctuations and current economic factors.
In summary, zip code 44021 has demonstrated a robust housing market with steadily increasing home values and relatively stable homeownership rates. The area has maintained a high proportion of owner-occupied housing despite rising home prices and fluctuating interest rates. The rental market, however, has shown more variability, with decreasing average rents over time. As the area moves forward, it will be crucial to monitor how these trends evolve, particularly in light of the recent sharp increases in interest rates and their potential impact on both the ownership and rental markets.
