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Zip Code 44035: Resilient Homeownership Amid Rising Home Values in Elyria, 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 44035, located in Elyria, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 62,303 in 2022, has seen fluctuations in both ownership percentages and average home values, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 44035 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate stood at 64%, and by 2022, it had slightly decreased to 62%. During this period, average home prices in the area have shown a significant upward trend. In 2013, the average home price was $84,273, which steadily increased to $153,476 by 2022, representing an impressive 82% growth over nine years.
The relationship between federal interest rates and homeownership rates in this zip code reflects some interesting patterns. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 62-64%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates held steady at 63%. This suggests that other factors beyond interest rates, such as local economic conditions or housing supply, may have played a role in maintaining homeownership levels in the area.
Regarding rental trends, the percentage of renters in zip code 44035 has shown slight fluctuations. In 2013, the renter-occupied rate was 36%, which increased to 38% by 2022. During this period, average rent prices have also seen an upward trend, albeit less dramatic than home prices. The average rent price increased from $783 in 2013 to $800 in 2022, representing a modest 2.2% increase over nine years. This relatively slow growth in rent prices, compared to the significant rise in home values, may have contributed to the slight increase in the renter population.
Looking at the most recent data, the average home price in zip code 44035 continued its upward trajectory, reaching $158,698 in 2023 and further increasing to $165,687 in 2024. This represents a 7.9% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply, standing at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44035 will continue to rise, potentially reaching around $190,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, a more modest increase is expected, potentially reaching an average of around $850 per month by 2029, assuming the current trend of slow but steady growth continues.
In summary, zip code 44035 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has experienced substantial growth in property values, particularly from 2013 to 2024, while rent prices have increased at a much slower pace. These trends suggest a dynamic housing market in Elyria, with potential opportunities for both homeowners and investors. The continued rise in home values, coupled with recent increases in interest rates, may shape future homeownership patterns and affordability in this Ohio community.
