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Zip Code 44077: Rising Home Values and Strong Ownership in Painesville, 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 44077, located in Painesville, Ohio, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a relatively stable ownership percentage while experiencing significant changes in average home and rent prices.
The homeownership rate in zip code 44077 has remained fairly consistent, with a slight increase from 72% in 2020 to 74% in 2022. During this same period, average home prices have seen substantial growth. In 2020, the average home price was $173,370, which rose to $211,528 in 2022, representing a 22% increase over just two years. This trend suggests that despite rising home values, residents in this area have continued to prioritize homeownership.
Federal interest rates have played a role in homeownership trends. From 2020 to 2022, interest rates remained relatively low, starting at 0.38% in 2020 and rising to 1.68% in 2022. These low rates likely contributed to the sustained high levels of homeownership in the area, as they made mortgages more affordable for potential buyers.
Renter percentages in zip code 44077 have slightly decreased from 28% in 2020 to 26% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2020, the average rent was $953, which increased to $981 in 2021 before dropping back to $953 in 2022. This fluctuation in rent prices, coupled with the slight decrease in renter percentages, may indicate a shift towards homeownership in the area, possibly influenced by the relatively low interest rates during this period.
Looking at more recent data, the average home price in zip code 44077 continued to rise, reaching $220,234 in 2023 and $231,683 in 2024. This represents a further 9.5% increase from 2022 to 2024. Notably, federal interest rates have also increased significantly during this time, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44077 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach around $260,000 to $270,000 by 2029. Average rent prices are expected to follow a similar upward trend, potentially reaching $1,100 to $1,200 per month in the same timeframe.
In summary, zip code 44077 has demonstrated resilience in homeownership rates despite rising home prices. The area has seen significant growth in property values, with average home prices increasing by over 33% from 2020 to 2024. While rent prices have shown some fluctuation, they have remained relatively stable compared to the growth in home values. The recent sharp increase in interest rates may pose challenges for future homebuyers, potentially impacting the long-standing trend of high homeownership in this area.
