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Zip Code 44436: Rising Home Values and High Ownership Rates in Lowellville, 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 44436, located in Lowellville, Ohio, presents an interesting case study of homeownership and housing market trends. This area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing steady growth. The community has experienced some fluctuations in population and average rent prices, which have influenced the local housing dynamics.
The homeownership rate in zip code 44436 has remained remarkably stable, hovering around 83-86% from 2013 to 2022. This high rate of owner-occupied housing coincides with a gradual increase in average home prices. In 2013, the average home price was $85,465, and it steadily rose to $145,579 by 2022, representing a 70% increase over nine years. This trend suggests a strong correlation between sustained homeownership and appreciating property values in the area.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the maintenance of high homeownership rates in the zip code. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), we observe that the homeownership rate remained stable, indicating the area's resilience to moderate interest rate increases.
The renter population in zip code 44436 has fluctuated slightly, ranging from 14% to 17% between 2013 and 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $730, which dropped significantly to $482 by 2016. It then rebounded to $657 in 2019 before settling at $632 in 2022. These fluctuations in rent prices do not appear to have a strong correlation with the relatively stable renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may have a more significant impact on rental rates in this area.
Looking at the most recent data, the average home price in zip code 44436 reached $151,880 in 2023 and further increased to $158,953 in 2024. This represents a significant jump from the 2022 value, indicating a continuation of the upward trend in property values. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Based on the historical trends and current data, we can project that average home prices in zip code 44436 are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may stabilize or see modest increases as the housing market adjusts to changing economic conditions.
In summary, zip code 44436 demonstrates a robust housing market characterized by high homeownership rates and steadily appreciating property values. The area has shown resilience to fluctuations in interest rates and rent prices, maintaining a strong core of owner-occupied housing. The recent sharp increases in both home prices and interest rates will be critical factors to watch as they shape the future of this local housing market.
