Loading Content...
Zip Code 44131: High Homeownership and Rising Home Values in Independence, 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 44131, located in Independence, Ohio, has exhibited notable trends in homeownership and housing prices over the past decade. This area is characterized by a consistently high rate of homeownership and steadily increasing average home prices, while the rental market has remained relatively small with fluctuating prices.
The homeownership rate in zip code 44131 has maintained a remarkably high level, ranging from 91% to 95% between 2013 and 2022. This strong preference for homeownership has been accompanied by a significant increase in average home prices. In 2010, the average home price stood at $175,902, which grew steadily to reach $270,925 by 2022, representing a 54% increase over 12 years. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $221,065 to $249,082, a 12.7% increase in just one year.
Interestingly, the relationship between federal interest rates and homeownership rates in this zip code appears to be relatively stable. Despite fluctuations in interest rates, the homeownership rate remained consistently high. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 91%. As interest rates rose to 1.68% in 2022, the homeownership rate actually increased to 95%, suggesting that other factors may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 44131 have remained low, ranging from 5% to 9% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,153, which increased to $1,260 by 2016. However, there were fluctuations in subsequent years, with the average rent dropping to $1,148 in 2017, then rising to $1,290 in 2019, before settling at $1,218 in 2022. These variations in rent prices do not seem to have a strong correlation with the small changes in renter percentages, suggesting that other factors may be influencing rental market dynamics in this area.
The most recent data shows that the average home price in zip code 44131 continued to rise, reaching $281,226 in 2023 and $292,532 in 2024. This represents a 3.8% and 4% increase in 2023 and 2024, respectively, compared to the previous year. Simultaneously, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this zip code appears to remain robust.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 44131 will continue to rise, albeit at a potentially slower rate due to the current higher interest rate environment. Projections suggest that by 2029, average home prices could reach approximately $340,000 to $360,000. For average rent prices, the forecast suggests a more moderate increase, potentially reaching $1,350 to $1,450 by 2029, assuming current trends and economic conditions persist.
In summary, zip code 44131 in Independence, Ohio, demonstrates a strong preference for homeownership, with consistently high rates above 90%. The area has experienced significant growth in average home prices over the past decade, with this trend expected to continue, though possibly at a more moderate pace. The rental market, while smaller, shows some volatility in pricing but remains a minor component of the housing landscape in this zip code. These trends reflect a stable and growing housing market in the area, with homeownership remaining the predominant choice for residents.
