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Zip Code 44255: Resilient Housing Market with Rising Home Values in Mantua, 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 44255, located in Mantua, Ohio, presents an intriguing landscape of homeownership and rental trends over the past decade. This area has experienced notable fluctuations in its ownership percentage, average home prices, and average rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 44255 has shown a slight increase in recent years, rising from 79% in 2019 to 83% in 2022. This trend coincides with significant growth in average home prices, which have risen steadily from $172,085 in 2010 to $256,895 in 2022, representing a 49.3% increase over 12 years. The relationship between ownership percentage and average home prices appears to be positive, with higher home values corresponding to increased homeownership rates.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2010 to 2021 saw historically low interest rates, ranging from 0.08% to 2.16%. This low-interest environment likely contributed to the relatively stable and high homeownership rates observed during this time. For instance, in 2013, when the federal interest rate was 0.11%, the homeownership rate was 82%. The slight dip in homeownership to 79% in 2018 and 2019 coincided with a modest increase in interest rates to 1.83% and 2.16%, respectively.
Renter percentages in zip code 44255 have shown a corresponding inverse relationship to homeownership rates, decreasing from 21% in 2019 to 17% in 2022. Interestingly, average rent prices have exhibited volatility during this period. The average rent peaked at $1,003 in 2016 when the renter percentage was 20%, then fluctuated, reaching $817 in 2022 with a 17% renter occupancy. This suggests that rent prices in the area may be influenced by factors beyond just the proportion of renters, such as local economic conditions and housing supply.
Looking at the most recent data, average home prices in zip code 44255 continued their upward trajectory, reaching $266,305 in 2023 and $277,753 in 2024. This represents a further 8.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44255 will continue to rise, albeit at a potentially 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 expected to stabilize and potentially increase moderately, possibly reaching $900 to $950 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, zip code 44255 has demonstrated resilience in its housing market, with increasing homeownership rates and steadily rising average home prices. The interplay between federal interest rates, homeownership percentages, and housing costs underscores the complex dynamics at play in this local market. As the area moves forward, it will be crucial to monitor how these trends evolve, particularly in light of the recent significant increases in interest rates and their potential impact on homeownership and housing affordability.
