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Zip Code 44303: Average Home Values and Ownership Trends in Akron, 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 44303, located in Akron, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, spanning 2.16 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local developments.
The homeownership rate in zip code 44303 has shown a slight decline from 2013 to 2022. In 2013, the area had a 60% homeownership rate, which peaked at 65% in 2015 before gradually decreasing to 61% by 2022. Concurrently, average home prices have demonstrated a consistent upward trend. In 2013, the average home price was $118,061, which rose steadily to reach $212,968 by 2022, representing an impressive 80.4% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 60-65%. As interest rates began to rise more significantly from 2017 onwards, there was a slight downward pressure on homeownership rates, which dipped to 59% in 2021 before rebounding slightly to 61% in 2022.
Renter percentages in zip code 44303 have shown a modest increase, moving from 39% in 2013 to 41% in 2021, before settling at 39% in 2022. Average rent prices have fluctuated over this period. In 2013, the average rent was $872, which decreased to $806 in 2015 before rising again. By 2022, the average rent had reached $868, nearly returning to its 2013 level. The population in this zip code has remained relatively stable, ranging from 6,158 to 6,623 residents between 2013 and 2022, which may have contributed to the relatively steady rental market.
In 2023 and 2024, the housing market in zip code 44303 continued its upward trajectory. The average home price rose to $221,107 in 2023 and further increased to $232,493 in 2024, representing a 9.2% increase over these two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to maintain their upward trajectory, potentially reaching around $275,000 to $300,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching $950 to $1,000 per month by 2029.
In summary, zip code 44303 has demonstrated resilience in its housing market, with steadily increasing average home prices despite slight fluctuations in homeownership rates. The rental market has remained relatively stable, with modest increases in both renter percentages and average rent prices. The area's consistent population and the recent surge in home values, even in the face of rising interest rates, suggest a robust and desirable housing market in this part of Akron, Ohio.
