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Zip Code 44251: Rising Home Values and Ownership in Westfield Center, 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 44251, located in Westfield Center, Ohio, is a small community that has experienced notable shifts in homeownership and housing prices over the past decade. This area has seen a significant increase in homeownership rates, coupled with substantial growth in average home prices and fluctuating average rent prices.
The trend between homeownership percentage and average home prices in zip code 44251 shows a strong positive correlation. From 2013 to 2022, the percentage of owner-occupied homes increased from 87% to 96%, while average home prices rose from $197,045 to $313,263. This represents a 9 percentage point increase in homeownership and a 59% increase in average home prices over the same period. The most dramatic increase in homeownership occurred between 2017 and 2019, jumping from 92% to 96%, coinciding with a period of rapid growth in average home prices from $223,644 to $245,328.
Federal interest rates have played a role in homeownership trends in this zip code. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial increase in homeownership from 87% to 89%. As interest rates began to rise more significantly from 2017 onwards, reaching 2.16% in 2019, homeownership continued to increase, suggesting that other local factors may have been influential in driving homeownership in this area.
The renter percentage in zip code 44251 has decreased significantly, from 13% in 2013 to just 4% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. From 2013 to 2018, average rent increased from $998 to $1,146. However, 2019 saw a dramatic drop to $547, before surging to $1,305 in 2020 and reaching $1,629 in 2022. This volatility in rent prices, coupled with the decreasing renter population, suggests a complex rental market potentially influenced by limited rental stock and changing local economic conditions.
In 2023, the average home price in zip code 44251 reached $327,918, continuing the upward trend seen in previous years. This increase occurred despite the federal interest rate rising to 5.02% in 2023. Moving into 2024, the average home price has further increased to $339,449, with the federal interest rate slightly higher at 5.33%. These figures indicate a resilient housing market in this zip code, maintaining growth even in the face of rising interest rates.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may stabilize or continue to increase moderately, influenced by the limited rental market in the area. However, the exact trajectory will depend on various economic factors and local market conditions.
In summary, zip code 44251 has experienced a significant shift towards homeownership, with a 9 percentage point increase from 2013 to 2022. This trend has been accompanied by substantial growth in average home prices, which have risen by 59% over the same period. The rental market has shown volatility, with decreasing renter percentages and fluctuating rent prices. Despite rising interest rates, the housing market in this zip code has demonstrated resilience, with continued price growth into 2023 and 2024.
