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Zip Code 44056: Macedonia's Resilient Housing Market and High Homeownership
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
Macedonia, located in zip code 44056 in Ohio, has experienced a dynamic housing market over the past decade. This area has consistently maintained a high rate of homeownership, with a slight increase in average home prices and fluctuating average rent prices. The analysis of these trends reveals interesting patterns in the local real estate landscape.
The homeownership rate in Macedonia has shown a steady increase from 2013 to 2020, rising from 91% to 94%. This upward trend coincided with a consistent growth in average home prices. In 2013, the average home price was $184,186, which steadily climbed to $241,908 by 2020, representing a 31.3% increase over seven years. The relationship between homeownership rates and average home prices suggests a strong local housing market, with residents increasingly choosing to invest in property ownership.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained exceptionally low, hovering around 0.1% to 0.4%. During this period, homeownership in Macedonia increased from 91% to 92%, likely due to the favorable borrowing conditions. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, the homeownership rate continued to climb, peaking at 94% in 2020. This suggests that local factors, such as job stability and community appeal, may have outweighed the impact of rising interest rates on homeownership decisions.
The rental market in Macedonia has shown inverse trends to homeownership. As the percentage of renters decreased from 9% in 2013 to 6% in 2020, average rent prices fluctuated. In 2013, the average rent was $1,275, which peaked at $1,336 in 2019 before dropping to $1,168 in 2020. This volatility in rent prices, coupled with the decreasing renter population, indicates a shifting preference towards homeownership in the area. The population growth from 10,605 in 2013 to 10,857 in 2020 may have contributed to the overall demand for housing, potentially influencing both home prices and rent rates.
In 2023 and 2024, the housing market in Macedonia continued to evolve. The average home price reached $311,790 in 2023 and further increased to $320,642 in 2024, representing a significant 32.5% rise from 2020 levels. Concurrently, federal interest rates climbed substantially, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest a continued upward trend in average home prices for Macedonia over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $360,000 to $380,000 by 2029. Average rent prices are projected to stabilize and potentially increase moderately, possibly reaching $1,300 to $1,400 per month in the same timeframe.
In summary, Macedonia (zip code 44056) has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The inverse relationship between homeownership and rental rates, coupled with fluctuating rent prices, indicates a strong preference for property ownership in the area. Despite rising interest rates, the local real estate market has shown resilience, with continued growth in home values. As the community continues to evolve, these trends suggest a sustained demand for housing and a potentially attractive market for both homeowners and investors in the coming years.
