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Zip Code 44628: Rising Home Values and Stable Ownership 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
Zip code 44628, located in Glenmont, Ohio, presents an interesting case study of housing market dynamics in a small rural community. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home values and a slight shift in the balance between owners and renters.
The homeownership rate in zip code 44628 has shown some variability from 2013 to 2022. In 2013, the area boasted a high 86% homeownership rate. This rate remained relatively stable, reaching a peak of 87% in 2018, before declining to 81% by 2022. Concurrently, average home prices in the area have seen a steady increase. In 2013, the average home price was $120,414, which rose to $221,575 by 2022, representing an impressive 84% increase over this period. This trend suggests that while home values have appreciated significantly, it may have become more challenging for some residents to enter or remain in the housing market as owners.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained high, between 83% and 86%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates to 81%. This aligns with the general trend where lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 44628 have shown an inverse relationship to homeownership rates, naturally. The renter-occupied housing units increased from 14% in 2013 to 18% in 2022. Interestingly, average rent prices have also seen an upward trend, albeit with some fluctuations. In 2013, the average rent was $636, which increased to $734 by 2022, representing a 15.4% increase. This rise in rent prices, coupled with the increase in renter-occupied units, suggests a growing demand for rental properties in the area, possibly due to the rising home prices making homeownership less accessible for some residents.
Looking at the most recent data, average home prices in zip code 44628 continued their upward trajectory, reaching $238,252 in 2023 and $249,066 in 2024. This represents a further 12.4% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44628 will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially surpassing $800 per month within the next five years, assuming the current growth rate continues.
In summary, zip code 44628 has experienced significant growth in average home values over the past decade, with a slight shift towards more renter-occupied units. The area has maintained a high homeownership rate despite rising home prices, but recent increases in interest rates and continued home price appreciation may challenge this trend in the coming years. The rental market has also shown growth, both in terms of occupancy and average rent prices, indicating a diversifying housing market in this rural Ohio community.
