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Zip Code 44039: Home Values and Ownership Trends in North Ridgeville, 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
North Ridgeville, located in zip code 44039 in Ohio, has experienced significant growth and changes in its housing market over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate landscape.
The homeownership rate in North Ridgeville has remained relatively stable, with a slight increase from 85% in 2014 to 89% in 2022. During this same period, average home prices have shown a substantial upward trend. In 2014, the average home price was $167,552, which increased to $283,006 by 2022, representing a 68.9% increase over eight years. This steady rise in home values, coupled with the high and increasing homeownership rate, suggests a strong demand for housing in the area.
Federal interest rates have played a role in shaping homeownership trends in North Ridgeville. From 2014 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with the stable homeownership rate and rising home prices, as lower interest rates typically make mortgages more affordable and encourage home buying. The slight dip in homeownership to 85% in 2017 occurred when interest rates began to rise, reaching 1% that year.
Renter percentages in North Ridgeville have fluctuated slightly, ranging from 11% to 13% between 2014 and 2022. Average rent prices have shown some volatility during this period. In 2014, the average rent was $1,130, which increased to $1,315 by 2022, representing a 16.4% increase. However, there were fluctuations in between, with the average rent dropping to $1,103 in 2018 before rising again. The population growth from 31,127 in 2014 to 35,971 in 2022 may have contributed to the overall upward pressure on rent prices, despite the small percentage of renters in the area.
Looking at the most recent data, average home prices in North Ridgeville continued to rise, reaching $294,331 in 2023 and $302,540 in 2024. This represents a 4% increase from 2022 to 2023 and a further 2.8% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, indicating strong demand and potentially limited housing supply in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in North Ridgeville to continue their upward trajectory, potentially reaching around $350,000 by 2029. This projection is based on the consistent growth observed over the past decade and the area's increasing population. Average rent prices are also likely to increase, albeit at a slower rate, potentially reaching approximately $1,500 by 2029. These predictions assume continued population growth and economic stability in the region.
In summary, North Ridgeville (zip code 44039) has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has shown resilience to rising interest rates, with home values continuing to appreciate even in the face of higher borrowing costs. The rental market, while smaller, has also seen overall growth in average rents. These trends, combined with the area's population growth, suggest a strong and potentially competitive real estate market in North Ridgeville for the foreseeable future.
