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Zip Code 44846: Rising Home Values and High Ownership Rates in Milan, 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 44846, located in Milan, Ohio, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The homeownership rate in zip code 44846 has shown a significant upward trend, increasing from 79% in 2013 to 84% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $143,808, which steadily rose to $230,320 by 2022, representing a 60% increase over this period. The most dramatic jump occurred between 2020 and 2021, when average home prices surged from $183,391 to $210,299, a 14.7% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. These low rates likely contributed to the increased homeownership, as they made mortgages more affordable for potential buyers. The sharp rise in homeownership from 76% in 2015 to 83% in 2016 coincided with interest rates remaining below 0.5%, further supporting this correlation.
Conversely, the percentage of renters in zip code 44846 has decreased from 21% in 2013 to 16% in 2022. Despite this decline, average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $630, which increased to $777 by 2022, a 23.3% rise. Notably, there was a significant jump in average rent from $776 in 2020 to $837 in 2021, a 7.9% increase, before slightly decreasing to $777 in 2022. These rent price changes occurred against a backdrop of population growth, with the population increasing from 3,105 in 2013 to 3,440 in 2022.
Looking at the most recent data, the average home price in zip code 44846 reached $241,092 in 2023 and further increased to $250,800 in 2024. This represents a 4.7% and 4% year-over-year increase in 2023 and 2024, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the early 2020s.
Applying predictive models to forecast trends for the next five years, we can expect the average home prices in zip code 44846 to continue their upward trajectory, potentially reaching around $300,000 by 2029. This projection is based on the consistent growth observed over the past decade and the recent acceleration in price increases. Average rent prices are also likely to continue rising, albeit at a more moderate pace, potentially reaching approximately $900 by 2029.
In summary, zip code 44846 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has seen a significant increase in average home prices, particularly in recent years, while experiencing a decline in the percentage of renters despite rising rent prices. These trends, coupled with recent interest rate changes, suggest a dynamic and evolving real estate market in this Ohio community.
