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Zip Code 44431: Rising Home Values and Ownership in Leetonia, 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 44431, located in Leetonia, Ohio, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a relatively high rate of owner-occupied housing, with a general upward trend in average home prices and fluctuating average rent prices.
The homeownership rate in zip code 44431 has steadily increased from 79% in 2013 to 82% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $90,937 in 2013 to $149,649 in 2022, representing a 64.6% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $124,161 to $138,513, a 11.6% rise in a single year.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the initial increase in homeownership from 79% to 81%. As interest rates began to rise more significantly from 2016 onwards, reaching 2.16% by 2019, the homeownership rate remained stable around 80-81%. Interestingly, despite a sharp drop in interest rates to 0.08% in 2021, homeownership continued to climb, reaching 83% that year.
The renter population in zip code 44431 has conversely decreased from 21% in 2013 to 18% in 2022. Average rent prices have shown volatility during this period. Starting at $750 in 2013, rent prices peaked at $782 in 2016 before declining to a low of $699 in 2020. There was a significant rebound to $788 in 2021, followed by another decrease to $704 in 2022. This fluctuation in rent prices doesn't show a clear correlation with the declining percentage of renters, suggesting other factors, such as local economic conditions or housing availability, may be influencing renter decisions.
In 2023 and 2024, the upward trend in average home prices continued, reaching $155,284 in 2023 and $160,322 in 2024. This represents a 3.9% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise, jumping to 5.02% in 2023 and further increasing to 5.33% in 2024, the highest levels in over a decade.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 44431 may continue to rise over the next five years, potentially reaching around $180,000 by 2029. However, the rate of increase might slow down due to the higher interest rates. Average rent prices, given their historical volatility, are more challenging to predict but could stabilize around $750-$800 per month, assuming no major economic shifts.
In summary, zip code 44431 has experienced a steady increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. The area has shown resilience in maintaining high homeownership rates despite fluctuations in federal interest rates. The recent sharp increase in interest rates, coupled with rising home prices, may present new challenges for potential homebuyers in the coming years, potentially affecting the long-term homeownership trend in this area.
