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Zip Code 44445: Rising Home Values and Strong Ownership Trends in Rural 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
New Waterford, located in zip code 44445 in Ohio, presents an interesting case study of homeownership and housing market trends. This small community has experienced fluctuations in both ownership rates and housing prices over the past decade, reflecting broader economic patterns and local dynamics. The homeownership rate in zip code 44445 has shown remarkable stability, hovering around 83-88% between 2013 and 2022. This high rate of owner-occupied housing suggests a strong preference for homeownership in the community. Simultaneously, average home prices have demonstrated a consistent upward trend. In 2010, the average home price was $96,273, which steadily increased to $173,252 by 2022, representing a substantial 80% growth over this period.
Examining the relationship between federal interest rates and homeownership rates reveals interesting patterns. Despite historically low interest rates between 2010 and 2015 (ranging from 0.1% to 0.18%), homeownership rates remained relatively stable. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but maintained a high level, suggesting that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
The rental market in zip code 44445 has shown some variability over the years. The percentage of renters decreased from 17% in 2013 to 12% in 2017, before rising back to 16% in 2022. Average rent prices have generally increased, albeit with some fluctuations. In 2013, the average rent was $465, which rose to $722 by 2022, representing a 55% increase. This growth in rent prices, coupled with the slight increase in the renter population in recent years, suggests a tightening rental market.
The years 2023 and 2024 have seen continued growth in the housing market of zip code 44445. Average home prices reached $179,711 in 2023 and further increased to $183,576 in 2024. This represents a 3.7% year-over-year increase from 2023 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical trends and current market conditions, we can project continued growth in both home prices and rent in zip code 44445 over the next five years. Average home prices could potentially reach around $210,000 by 2029, assuming a conservative annual growth rate of 2-3%. Similarly, average rent prices might increase to approximately $850-$900 per month, factoring in the historical growth rate and potential market pressures.
In summary, zip code 44445 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The resilience of homeownership despite rising interest rates suggests a strong local preference for owning rather than renting. However, the gradual increase in both home prices and rents indicates growing housing costs, which may present affordability challenges for some residents in the future. The community's ability to maintain its high homeownership rate in the face of these trends will be an important factor to watch in the coming years.
