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Zip Code 44060: Rising Home Values and Shifting Ownership Trends in Mentor, 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 44060, located in Mentor, Ohio, is a suburban area characterized by a stable housing market and consistent population. Over the past decade, this zip code has maintained a high rate of homeownership, with average home prices and rent costs showing notable trends. The homeownership rate in zip code 44060 has remained relatively stable, hovering around 80-83% between 2013 and 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $145,834, which rose to $233,219 by 2022, representing a significant 60% increase over nine years. This upward trend in home prices did not significantly impact homeownership rates, suggesting a strong desire for homeownership in this area despite rising costs.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were below 0.5%, homeownership rates remained stable at around 82%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight fluctuation in homeownership, but it remained largely unchanged. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight decrease in homeownership to 80%, possibly due to economic uncertainties during the pandemic.
Renter percentages in zip code 44060 have shown a slight increase, from 17% in 2013 to 20% in 2022. This trend corresponds with changes in average rent prices. In 2013, the average rent was $1,084, which increased to $1,023 by 2022, showing some fluctuation over the years. The highest average rent was recorded in 2021 at $1,111. The population has remained relatively stable during this period, decreasing slightly from 60,732 in 2013 to 60,101 in 2022, which may have contributed to the moderate changes in rental demand and prices.
In 2023, the average home price in zip code 44060 reached $245,230, a 5.1% increase from 2022, while the federal interest rate rose significantly to 5.02%. As of 2024, the average home price has further increased to $255,730, with the interest rate slightly higher at 5.33%. These figures indicate a continued upward trend in home prices despite higher interest rates, suggesting strong demand in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 44060 to continue rising, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach around $280,000 to $290,000 by 2029. Rent prices are likely to follow a similar upward trajectory, potentially reaching an average of $1,200 to $1,300 per month in the next five years, assuming consistent economic conditions and housing demand.
In summary, zip code 44060 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. Despite rising home prices and fluctuating interest rates, the area has maintained a strong preference for homeownership. The rental market, while smaller, shows signs of gradual growth. These trends, combined with the area's stable population, suggest a continued demand for housing in this zip code, with both ownership and rental markets likely to see moderate growth in the coming years.
