Loading Content...
Zip Code 44087: Rising Home Values and Stable Ownership in Twinsburg, 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
Twinsburg, located in zip code 44087 in Ohio, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in Twinsburg has remained relatively stable, with a slight increase from 76% in 2013 to 77% in 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $192,710, which steadily increased to $305,640 by 2022, representing a substantial 58.6% growth over nine years. This rise in home values has not deterred homeownership, suggesting a strong local economy and desirable living conditions in the area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of stable homeownership rates around 75%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates slightly increased to 77%. This suggests that despite rising interest rates, other factors such as local economic conditions and housing demand have supported continued homeownership in Twinsburg.
Renter percentages in Twinsburg have remained relatively constant, with a slight decrease from 23% in 2013 to 22% in 2022. Average rent prices have fluctuated over the years but generally trended upwards. In 2013, the average rent was $1,050, which increased to $1,192 by 2015. After some fluctuations, it settled at $1,073 in 2022. The stability in renter percentages, despite rising home prices, indicates a balanced rental market that continues to serve a consistent portion of the population.
Looking at the most recent data, the average home price in Twinsburg reached $320,683 in 2023 and further increased to $330,651 in 2024. This represents a 8.2% increase from 2022 to 2024, indicating a continued strong housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Twinsburg will continue to rise, potentially reaching around $380,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, we expect a more moderate increase, potentially reaching approximately $1,200 by 2029, assuming the current balance between supply and demand in the rental market persists.
In summary, Twinsburg's housing market in zip code 44087 has demonstrated resilience and growth. The area has maintained a high rate of homeownership despite rising home prices, indicating strong local demand and economic stability. The rental market has remained steady, serving a consistent portion of the population. With continued increases in home values and stable rental demand, Twinsburg appears poised for sustained growth in its housing market over the next five years.
