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Zip Code 44807: Rising Home Values and Ownership Rates 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 44807, located in Attica, Ohio, has experienced significant demographic and housing market changes over the past decade. This rural area has seen a gradual shift in homeownership rates and fluctuations in both average home prices and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 44807 has shown a notable upward trend, particularly in recent years. In 2013, the homeownership rate stood at 77%, and by 2022, it had increased to 87%, representing a substantial 10 percentage point increase. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $93,212, and by 2022, it had risen to $151,938, marking a 63% increase over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. As interest rates remained low throughout much of the 2010s, ranging from 0.08% to 2.16% between 2010 and 2021, homeownership rates in zip code 44807 generally trended upward. This aligns with the well-established trend that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Conversely, the percentage of renters in zip code 44807 has decreased over time, dropping from 22% in 2013 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown some volatility. The average rent price increased from $729 in 2013 to a peak of $813 in 2017, before fluctuating and ultimately settling at $815 in 2022. This represents an 11.8% increase in average rent prices from 2013 to 2022, despite the decreasing renter population.
In 2023 and 2024, the housing market in zip code 44807 has continued to evolve. The average home price in 2023 was $150,299, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $158,815, indicating a 5.7% increase from the previous year. This price increase has occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, predictive models suggest that average home prices in zip code 44807 may continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $175,000 by 2029, representing a roughly 10% increase from 2024 levels. Average rent prices are projected to follow a similar trend, potentially reaching approximately $900 per month by 2029, an increase of about 10% from 2022 levels.
In summary, zip code 44807 has experienced a significant increase in homeownership rates over the past decade, accompanied by substantial growth in average home prices. The area has seen a decrease in the renter population, although average rent prices have generally trended upward. Recent data from 2023 and 2024 indicate continued growth in the housing market, despite rising interest rates. These trends suggest a robust local housing market with increasing property values and a strong preference for homeownership among residents.
