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Zip Code 44611: Rising Home Values and High Ownership in Rural Glenmont, 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 44611, located in Glenmont, Ohio, presents an interesting case study of homeownership and housing market trends. This rural area has seen fluctuations in its ownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising property values.
The homeownership rate in zip code 44611 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the ownership rate was 82%, which increased to 89% by 2017. After a slight dip to 86% in 2019, it rebounded to 85% in 2022. This trend coincides with significant growth in average home prices, which rose from $126,734 in 2013 to $232,695 in 2022, representing an impressive 83.6% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in zip code 44611. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership in the area increased from 82% to 87%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates remained relatively stable, fluctuating between 85% and 89%. This suggests that while low interest rates may have initially encouraged homeownership, other factors have helped maintain high ownership rates in the area.
Renter percentages in zip code 44611 have generally decreased as homeownership rates increased. The renter population dropped from 18% in 2013 to 11% in 2017, before slightly increasing to 15% in 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $507, which increased to $645 in 2015, then fluctuated before reaching $639 in 2022. This represents a 26% increase in average rent over the decade, despite the decreasing renter population. The volatility in rent prices may be attributed to the limited rental inventory in this predominantly owner-occupied area.
In 2023 and 2024, the housing market in zip code 44611 continued its upward trajectory. The average home price reached $244,512 in 2023 and further increased to $249,125 in 2024, representing a 7.1% growth over these two years. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. The continued appreciation in home values despite higher borrowing costs suggests strong demand for housing in this area.
Looking ahead, our predictive models forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to increase by approximately 3-4% annually, potentially reaching around $290,000 by 2029. Rent prices are projected to grow at a slightly slower rate of 2-3% per year, potentially reaching an average of about $725 per month by 2029.
In summary, zip code 44611 has demonstrated a strong trend towards homeownership, with rates consistently above 80% since 2013. The area has experienced substantial growth in average home prices, more than doubling from 2010 to 2024. Despite fluctuations in the rental market, both home and rent prices have shown an overall upward trend. The resilience of the housing market in the face of rising interest rates suggests a robust local economy and continued demand for housing in this rural Ohio community.
