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Zip Code 44441: Lake Tomahawk's Rising Home Values and Stable Ownership
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
Lake Tomahawk, located in zip code 44441 in Ohio, presents an intriguing case study of homeownership and housing market trends. This small community has experienced notable fluctuations in its ownership percentages and housing prices over the past decade. The area has generally maintained a high rate of homeownership, with average home prices showing a steady upward trend, while average rent prices have displayed more volatility.
The homeownership rate in Lake Tomahawk has remained consistently high, ranging from 87% to 93% between 2013 and 2022. This strong ownership trend coincides with a significant increase in average home prices. In 2010, the average home price was $104,180, which steadily rose to $190,109 by 2022, representing an impressive 82.5% increase over 12 years. The most substantial year-over-year growth occurred between 2014 and 2015, with a 10.8% jump from $117,619 to $130,362. This upward trend in home prices, coupled with the high ownership rate, suggests a strong and desirable housing market in the area.
Federal interest rates have played a role in shaping homeownership trends in Lake Tomahawk. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained stable and high, likely due to favorable financing conditions. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership from its peak of 93% in 2020 to 87% in 2022. This shift suggests that higher interest rates may have made homeownership slightly less accessible for some residents.
Renter percentages in Lake Tomahawk have generally been low, fluctuating between 7% and 13% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $319, which increased dramatically to $796 in 2018, representing a 149.5% rise. However, rent prices then decreased to $672 in 2022, a 15.6% drop from the 2018 peak. This fluctuation in rent prices, coupled with the relatively stable and low renter percentage, suggests that the rental market in Lake Tomahawk is small and potentially subject to significant changes based on limited available properties.
As of 2024, the average home price in Lake Tomahawk has reached $204,392, continuing the upward trend observed in previous years. This represents a 7.3% increase from the 2023 average of $200,787. Concurrently, the federal interest rate stands at 5.33% in 2024, a slight increase from the 5.02% rate in 2023. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in Lake Tomahawk will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We estimate that by 2029, average home prices could reach approximately $230,000 to $240,000. Average rent prices, given their historical volatility, are more challenging to predict accurately. However, if the trend of limited rental availability continues, we may see average rents stabilize around $700 to $800 per month, with potential for occasional spikes based on market demand and available units.
In summary, Lake Tomahawk in zip code 44441 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The community has shown resilience in maintaining strong ownership percentages despite rising interest rates. The rental market, while smaller, has experienced significant fluctuations in average rent prices. As the area moves forward, it will be crucial to monitor how these trends evolve, particularly in light of changing economic conditions and interest rates.
