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Zip Code 44438: Rising Home Values and Ownership Rates in Masury, 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 44438, located in Masury, Ohio, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership, with fluctuations in average home prices and rent costs.
The ownership percentage in zip code 44438 has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate was 60%, which increased to 66% by 2022. This rise coincided with a significant increase in average home prices. In 2013, the average home price was $38,144, which steadily climbed to $77,913 by 2022, representing a substantial 104% increase over this period. The peak in homeownership was observed in 2019 at 71%, corresponding with an average home price of $53,472.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of increasing homeownership from 60% to 65%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership continued to grow, reaching its peak of 71% in 2019. This suggests that despite rising interest rates, other factors were supporting homeownership growth during this period.
Renter percentages in zip code 44438 have generally decreased as homeownership increased. In 2013, renters made up 40% of occupants, which decreased to 34% by 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $627, which peaked at $676 in 2021 before slightly decreasing to $649 in 2022. Interestingly, the lowest average rent of $569 was recorded in 2018, despite a relatively low renter percentage of 33% that year.
In 2023 and 2024, we see a slight decline in average home prices followed by an increase. The average home price in 2023 was $76,648, showing a minor decrease from 2022. However, in 2024, the price rebounded to $80,664. This occurs against a backdrop of significantly higher interest rates, with 2023 seeing a rate of 5.02% and 2024 experiencing a further increase to 5.33%.
Looking ahead, predictive models suggest a continued upward trend in average home prices for zip code 44438 over the next five years. Based on historical data and current economic indicators, average home prices could potentially reach around $90,000 to $95,000 by 2029. Rent prices are also expected to follow an upward trajectory, potentially reaching an average of $700 to $725 per month in the same timeframe.
In summary, zip code 44438 has demonstrated resilience in its housing market, with increasing homeownership rates and rising property values despite fluctuations in interest rates. The area has seen a significant appreciation in home values, nearly doubling over a decade. While rent prices have shown some volatility, they have generally trended upward. The coming years are likely to see continued growth in both home values and rent prices, reflecting the area's evolving real estate landscape.
