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Zip Code 44455: Rising Home Values and Strong Ownership in Rogers, 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 44455, located in Rogers, Ohio, presents an intriguing case study of homeownership trends and real estate market dynamics. This area has experienced significant shifts in its housing landscape over the past decade, with a notable increase in homeownership rates and substantial growth in average home prices.
The ownership percentage in zip code 44455 has shown a remarkable upward trend, rising from 88% in 2013 to 90% in 2022. This increase in homeownership coincided with a substantial rise in average home prices, which grew from $92,249 in 2013 to $156,880 in 2022, representing a 70% increase over this period. The relationship between these two factors suggests that despite rising home prices, the area remained attractive to potential homeowners, possibly due to other economic or quality of life factors.
Federal interest rates have played a significant role in shaping homeownership trends in this zip code. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the increase in homeownership from 88% to 91% during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained relatively stable at around 90-93%, indicating a strong local housing market that withstood the pressures of increasing borrowing costs.
The rental market in zip code 44455 has experienced fluctuations in both renter percentages and average rent prices. The percentage of renters decreased from 10% in 2013 to 7% in 2020, before rising back to 10% in 2022. Average rent prices saw a substantial increase during this period, rising from $378 in 2013 to $842 in 2022, a 123% increase. This significant rise in rent prices, coupled with the relatively stable renter population, suggests a tightening rental market, possibly driven by limited rental inventory in the area.
In 2023 and 2024, the housing market in zip code 44455 continued its upward trajectory. The average home price reached $167,063 in 2023 and further increased to $175,169 in 2024, representing a 5.2% year-over-year growth. This growth occurred despite a sharp rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis. The continued appreciation of home values in the face of higher borrowing costs indicates strong underlying demand in this housing market.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Average home prices are projected to reach approximately $205,000 by 2029, assuming a continuation of the current growth rate. Similarly, average rent prices could potentially increase to around $1,050 per month by 2029 if the current trend persists.
In summary, zip code 44455 has demonstrated a robust housing market characterized by high and increasing rates of homeownership, substantial growth in average home prices, and rising rent prices. The area has shown resilience to increasing interest rates, maintaining strong homeownership levels and continued price appreciation. These trends, combined with the projected future increases in both home and rent prices, suggest a continued strong demand for housing in this zip code, potentially driven by favorable local economic conditions or quality of life factors.
