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Zip Code 44838: Rising Home Values and 100% Ownership in Hayesville, 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 44838, located in Hayesville, Ohio, is a small community with a population of just 18 residents as of 2022. This rural area has experienced interesting trends in homeownership and housing prices over the past decade. The homeownership rate in zip code 44838 has shown a remarkable increase from 2013 to 2022. In 2013, the percent of owner-occupied homes was 88%, which steadily rose to 100% by 2022. This trend indicates a strong preference for homeownership in this small community. Concurrently, the average home prices have seen significant growth. In 2013, the average home price was $78,273, which steadily increased to $158,122 by 2022, representing a substantial 102% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2020 (ranging from 0.09% to 0.38%), the homeownership rate in the area increased from 88% to 100%. This aligns with the well-established trend that lower interest rates make home financing more affordable, potentially encouraging more people to buy homes.
Regarding rental trends, the data for this zip code is unique. With a 100% homeownership rate by 2022, there are no renters in the area. However, it's worth noting the average rent prices provided. In 2013, the average rent was $525, which increased to $817 by 2022, representing a 55.6% increase. This trend in rent prices, despite the lack of renters, might reflect the overall increase in property values and living costs in the area.
Looking at the most recent data, the average home price in zip code 44838 continued to rise in 2023, reaching $160,632. This upward trend persisted into 2024, with the average home price climbing to $167,404. Interestingly, this increase occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests that local factors may be driving home prices in this area, potentially overriding the typical dampening effect of higher interest rates on home prices.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 44838 to continue their upward trajectory, albeit potentially at a slower pace due to the current higher interest rates. Based on the historical data and current trends, average home prices could potentially reach around $190,000 to $200,000 by 2029. As for rent prices, given the current 100% homeownership rate, it's challenging to predict future trends. However, if any rental properties were to become available, we might expect average rent prices to align with the overall increase in property values, potentially reaching $900 to $950 per month by 2029.
In summary, zip code 44838 has demonstrated a strong trend towards homeownership, reaching 100% by 2022. This has been accompanied by significant growth in average home prices, more than doubling from 2013 to 2022. The area has shown resilience in home price appreciation even in the face of rising interest rates in recent years. These trends suggest a stable and potentially growing real estate market in this small Ohio community.
