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Zip Code 44420: Girard, Ohio's Housing Market Resilience Amid Rising Home Values
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 44420, located in Girard, Ohio, presents an interesting case study of homeownership and rental trends over the past decade. This area has experienced significant fluctuations in its housing market, with notable shifts in ownership percentages, average home prices, and average rent prices.
The homeownership rate in zip code 44420 has remained relatively stable, hovering around 70% throughout the observed period. However, there have been slight fluctuations, with the lowest ownership rate of 68% occurring in 2016, 2019, and 2020. Interestingly, these variations in homeownership align with changes in average home prices. For instance, the average home price in 2016 was $71,142, which then increased to $83,277 in 2019 and $89,276 in 2020. This suggests a potential correlation between rising home prices and a slight decrease in homeownership rates.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 44420. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained steady at around 69-70%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), we observed a slight increase in homeownership to 70%. This trend suggests that some residents may have rushed to purchase homes before interest rates climbed further, taking advantage of still-favorable financing conditions.
Regarding rental trends, the percentage of renters in zip code 44420 has shown minor fluctuations, generally ranging between 30% and 32% from 2013 to 2022. Notably, the average rent prices have steadily increased during this period. In 2013, the average rent was $662, which rose to $726 by 2018, representing a 9.7% increase over five years. However, there was a slight dip in average rent to $704 in 2021, possibly influenced by the economic impact of the COVID-19 pandemic. The population of the zip code has also seen some changes, decreasing from 15,011 in 2010 to 13,834 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, zip code 44420 experienced a continued upward trend in average home prices. The average home price in 2023 reached $124,148, a significant increase from previous years. This upward trajectory continued into 2024, with the average home price rising to $130,597. Concurrently, federal interest rates saw a substantial increase, reaching 5.02% in 2023 and further climbing to 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the area.
Looking ahead, based on the observed trends and current market conditions, we can project future movements in the housing market for zip code 44420. Over the next five years, average home prices are likely to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach approximately $150,000 to $160,000 by 2029. Average rent prices are also anticipated to increase, potentially reaching around $800 to $850 per month in the same timeframe, assuming consistent growth patterns and accounting for inflation.
In summary, zip code 44420 has demonstrated resilience in its homeownership rates despite fluctuations in home prices and interest rates. The area has seen a steady increase in both average home prices and average rent prices over the past decade, with recent years showing particularly strong growth in the housing market. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape the local real estate landscape, presenting both opportunities and challenges for residents and potential homebuyers in this Ohio community.
