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Zip Code 44614: Canal Fulton's Rising Home Values and Stable Ownership Rates
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
Canal Fulton, located in zip code 44614 in Ohio, is a small urban area with a population that has remained relatively stable over the past decade, hovering around 12,000 residents. This community has maintained a consistently high rate of homeownership, with a slight upward trend in average home prices and average rent prices over the years.
The homeownership rate in Canal Fulton has remained remarkably steady, fluctuating between 77% and 80% from 2013 to 2022. This high rate of homeownership has persisted despite significant changes in average home prices. In 2013, the average home price was $140,203, which steadily increased to $233,437 by 2022, representing a 66.5% increase over this period. Interestingly, the stability in homeownership rates suggests that residents have been able to maintain their homes despite rising prices, possibly due to strong community ties or favorable local economic conditions.
Federal interest rates have played a role in homeownership trends in Canal Fulton. From 2013 to 2016, interest rates remained very low, below 0.5%, coinciding with a period of stable homeownership rates around 78-79%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but remained robust at 79%. This resilience in homeownership despite rising interest rates suggests a strong local housing market and potentially good job stability in the area.
The renter population in Canal Fulton has remained a minority, consistently accounting for 20-23% of the population between 2013 and 2022. Average rent prices have shown an overall upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $833, which increased to $850 by 2022, representing a modest 2% increase. Notably, there was a significant spike in average rent to $926 in 2021, possibly due to pandemic-related factors, before normalizing in 2022.
Looking at the most recent data, the average home price in Canal Fulton reached $243,823 in 2023 and further increased to $254,578 in 2024. This represents a 9% increase from 2022 to 2024, indicating a continuing trend of rising home values. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Canal Fulton to continue their upward trajectory, potentially reaching around $300,000 by 2029. Average rent prices are likely to follow a similar trend, possibly increasing to approximately $950-$1,000 per month in the same timeframe. However, these projections may be influenced by various factors including economic conditions, local development, and changes in federal interest rates.
In summary, Canal Fulton (zip code 44614) has demonstrated a robust and stable housing market characterized by high homeownership rates and steadily increasing property values. Despite rising home prices and fluctuations in federal interest rates, the community has maintained a strong preference for homeownership. The rental market, while smaller, has shown moderate growth in average rents. As the area moves forward, it will be interesting to observe how these trends evolve, particularly in light of the recent sharp increases in both home prices and interest rates.
