Loading Content...
Zip Code 44067: Rising Home Values and Ownership in Northfield, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 44067, located in Northfield, Ohio, has witnessed significant changes in homeownership rates and housing prices over the past decade. This area, spanning 16.9 square miles, has experienced a notable increase in homeownership while seeing fluctuations in average home and rent prices.
The ownership percentage in zip code 44067 has shown a steady upward trend, rising from 81% in 2013 to 87% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $159,072, which grew to $257,674 by 2022, representing a 62% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the steady increase in homeownership rates, as more affordable financing options likely encouraged home buying. For instance, when interest rates dropped from 2.16% in 2019 to 0.38% in 2020, homeownership increased from 85% to 88%.
Conversely, the percentage of renters in zip code 44067 has decreased over time, falling from 17% in 2013 to 13% in 2022. Despite this decline, average rent prices have shown volatility. In 2013, the average rent was $895, which increased to $1,080 in 2016, then fluctuated before settling at $940 in 2022. This trend suggests that while fewer people are renting, those who do are facing higher costs. The population in the area has remained relatively stable, with only minor fluctuations, indicating that changes in rental trends are not primarily driven by population shifts.
In 2023 and 2024, average home prices in zip code 44067 continued to rise, reaching $268,916 in 2023 and $276,679 in 2024. This represents a 4.3% increase from 2022 to 2023 and a further 2.9% increase from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership trends.
Looking ahead, predictive models suggest that average home prices in zip code 44067 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are expected to follow a similar upward trajectory, driven by increased housing costs and potential shifts in the rental market dynamics.
In summary, zip code 44067 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has seen a corresponding decrease in the percentage of renters, although average rent prices have fluctuated. The recent rise in interest rates may impact future homeownership trends, potentially slowing the rate of increase in both homeownership and average home prices.
