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Zip Code 44662 in Massillon, Ohio: Homeownership Trends and Rising Property Values
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 44662, located in Massillon, Ohio, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with average home prices steadily increasing and average rent prices fluctuating over time.
The ownership percentage in zip code 44662 has remained relatively stable, with a slight upward trend from 2013 to 2020. In 2013, the homeownership rate was 77%, which increased to 82% by 2020. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $110,439, which rose to $159,399 by 2020, representing a 44.3% increase over seven years. This trend suggests that despite rising home prices, residents in this area continued to prioritize homeownership.
Federal interest rates appear to have played a role in homeownership trends in this zip code. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership increased from 77% to 80%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise from 2017 onwards, homeownership rates in this area remained high, indicating other factors might be influencing the strong preference for owning homes in this community.
Renter percentages in zip code 44662 have shown a corresponding inverse relationship to homeownership rates, decreasing from 23% in 2013 to 18% in 2020. Interestingly, average rent prices have not shown a consistent trend during this period. In 2013, the average rent was $699, which increased to $784 in 2019, but then decreased to $731 in 2020. This fluctuation in rent prices, coupled with the decreasing percentage of renters, suggests that the rental market in this area may be influenced by factors beyond simple supply and demand dynamics.
Looking at more recent data, the average home price in zip code 44662 continued its upward trajectory, reaching $204,652 in 2023 and $213,384 in 2024. This represents a substantial increase of 33.9% from 2020 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, home prices have continued to climb, indicating strong demand in this housing market.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 44662 to continue rising, potentially reaching around $250,000 by 2029. Average rent prices may also see a moderate increase, possibly approaching $800 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 44662 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. Despite fluctuations in average rent prices and rising interest rates, the area has maintained a strong preference for homeownership. The continued rise in home prices, even in the face of higher interest rates, suggests ongoing demand for housing in this Massillon zip code.
