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Zip Code 44646: Rising Home Values and Stable Ownership in Massillon, 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 44646, located in Massillon, Ohio, has experienced notable shifts in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown resilience in its housing market, with a generally stable ownership rate and increasing property values.
The homeownership rate in zip code 44646 has remained relatively consistent, hovering around 69-70% from 2013 to 2022. Despite this stability, average home prices have shown a steady upward trend. In 2013, the average home price was $111,097, which increased to $187,879 by 2022, representing a significant 69% growth over nine years. This rise in home values did not significantly impact homeownership rates, suggesting that other factors, such as local economic conditions or demographic shifts, may have played a role in maintaining the stability of ownership percentages.
Federal interest rates have fluctuated over this period, potentially influencing homeownership trends. From 2013 to 2015, interest rates remained extremely low, below 0.15%, which coincided with the stable homeownership rate of 69-70%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate showed minor fluctuations but remained largely stable. This suggests that while interest rates may have some impact, other local factors in zip code 44646 have helped maintain consistent homeownership levels.
The renter population in zip code 44646 has remained relatively stable, comprising about 30-31% of the housing market from 2013 to 2022. Average rent prices have shown an upward trend during this period, increasing from $738 in 2013 to $907 in 2022, a 22.9% rise. This increase in rent prices has occurred alongside a population growth from 44,432 in 2013 to 47,096 in 2022, suggesting that rising demand for rental properties may have contributed to the increase in average rent prices.
Looking at the most recent data, the average home price in zip code 44646 reached $198,471 in 2023 and further increased to $208,137 in 2024. This represents a continued upward trajectory in property values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 44646 will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent growth observed over the past decade and assumes similar economic conditions persist. For average rent prices, the forecast suggests a continued increase, potentially reaching approximately $1,100 per month by 2029, reflecting the ongoing demand for rental properties and the overall appreciation of the local real estate market.
In summary, zip code 44646 has demonstrated a stable housing market with consistent homeownership rates despite rising property values. The area has seen significant appreciation in both home prices and rents, indicating a strong local real estate market. The resilience of homeownership rates in the face of increasing prices and fluctuating interest rates suggests a robust local economy and sustained demand for housing in this Massillon zip code. Future trends point towards continued growth in both home values and rental prices, reflecting the area's attractiveness and economic stability.
