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Zip Code 44430: Rising Home Values and Homeownership Resilience in Leavittsburg, 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 44430, located in Leavittsburg, Ohio, presents an intriguing case study of homeownership and housing market dynamics. This area has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. The overall trend shows a slight decline in homeownership, coupled with significant increases in both average home prices and average rent prices.
The homeownership rate in zip code 44430 has shown some variability but has generally remained high. In 2013, the homeownership rate stood at 79%. It experienced a slight decline to 70% in 2020 but rebounded to 78% by 2022. This trend correlates interestingly with average home prices in the area. In 2013, the average home price was $50,708, which steadily increased to $90,435 by 2022, representing a substantial 78% increase over this period. Despite this significant rise in home prices, the area has managed to maintain a relatively high rate of homeownership, suggesting a resilient local housing market.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 44430. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 74% to 79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight dip in homeownership rates, reaching 73% in 2019. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership rates, climbing back to 75% in 2021 and 78% in 2022, despite rising home prices.
The renter population in zip code 44430 has shown an inverse relationship to homeownership rates. In 2013, the renter-occupied rate was 19%, which increased to a peak of 30% in 2020 before decreasing to 22% in 2022. Average rent prices have generally trended upward during this period. In 2013, the average rent was $581, which increased to $749 by 2021, representing a 29% increase. Interestingly, there was a slight decrease to $689 in 2022, coinciding with an increase in homeownership rates. The population of the zip code has decreased from 5,371 in 2013 to 4,516 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, average home prices in zip code 44430 continued to rise, reaching $95,271 in 2023 and $99,089 in 2024. This represents a further 9.6% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, marking a substantial shift from the low-interest environment of previous years. These higher interest rates may pose challenges for potential homebuyers in the near future.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44430 will continue to rise, potentially reaching around $120,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $800 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 44430 has demonstrated resilience in maintaining high homeownership rates despite rising average home prices. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates generally supporting homeownership even as prices increased. The rental market has shown volatility, with recent trends suggesting a potential stabilization. As we move forward, the area is likely to see continued growth in both home values and rent prices, which may present both opportunities and challenges for residents and potential newcomers to this Ohio community.
