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Zip Code 44224: Rising Home Values and Ownership Trends in Stow, 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 44224, located in Stow, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively high rate of owner-occupied housing, with a slight increase in recent years, while average home prices and average rent have shown consistent growth.
The homeownership rate in zip code 44224 has seen a modest increase from 69% in 2018 to 72% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2018, the average home price was $187,906, which climbed steadily to reach $253,498 by 2022, representing a substantial 35% increase over this four-year period. This positive correlation suggests that despite rising prices, more residents were able to enter the housing market, possibly due to factors such as increased local economic stability or favorable lending conditions.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2018 to 2020, interest rates fluctuated between 1.83% and 0.38%, which likely contributed to the sustained high levels of homeownership in the area. The low-interest-rate environment made mortgages more affordable, potentially encouraging more residents to purchase homes. However, as interest rates began to rise sharply in 2022 to 1.68%, the homeownership rate still managed to increase slightly, indicating other factors may have been at play in supporting homeownership in this zip code.
The renter population in zip code 44224 has experienced a slight decrease, from 31% in 2018 to 28% in 2022. Despite this decline, average rent prices have shown an overall upward trend. In 2018, the average rent was $1,044, which increased to $1,103 by 2022, representing a 5.7% rise. This increase in average rent, coupled with a decreasing percentage of renters, suggests a tightening rental market, possibly due to limited rental inventory or increased demand for higher-quality rental properties.
Looking at the most recent data, the average home price in zip code 44224 reached $264,151 in 2023 and further increased to $273,247 in 2024. This represents a continued upward trajectory in home values. Simultaneously, federal interest rates have risen significantly, reaching 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 44224 will continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $320,000 to $340,000, assuming a moderate annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching $1,300 to $1,400 per month by 2029, based on historical trends and accounting for potential market adjustments.
In summary, zip code 44224 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The area has seen substantial growth in property values and moderate increases in average rent. While higher interest rates may pose challenges to affordability, the strong homeownership base and consistent price appreciation suggest a stable and desirable housing market in this Stow neighborhood.
