Loading Content...
Zip Code 44855: Rising Home Values and Stable Ownership in North Fairfield, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 44855, located in North Fairfield, Ohio, presents an intriguing case study of homeownership and housing market trends. This rural area has experienced fluctuations in homeownership rates, average home prices, and average rent prices over the past decade. Generally, the area has maintained a high rate of homeownership, with average home prices showing a consistent upward trend and average rent prices following suit.
The homeownership rate in zip code 44855 has remained relatively stable, hovering around 84% between 2013 and 2022. However, there have been some minor fluctuations. For instance, the ownership rate peaked at 86% in 2014 and 2017, while it dipped to 81% in 2020. Interestingly, these changes in homeownership rates appear to correlate with changes in average home prices. From 2013 to 2022, average home prices in the area increased significantly, rising from $79,002 to $151,712, representing a 92% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in zip code 44855. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates remained high, ranging from 84% to 86%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but remained relatively stable, suggesting other factors also influence homeownership in this area.
Renter percentages in zip code 44855 have shown an inverse relationship to homeownership rates, naturally fluctuating between 13% and 19% from 2013 to 2022. Average rent prices have generally increased during this period, rising from $620 in 2013 to $840 in 2022, a 35% increase. Notably, the highest average rent of $853 was recorded in 2021, coinciding with a period of population growth from 1,234 in 2020 to 1,265 in 2021. This suggests that increased demand for rental properties, driven by population growth, may have contributed to rising rent prices.
In 2023 and 2024, average home prices in zip code 44855 continued their upward trajectory, reaching $152,290 in 2023 and $163,061 in 2024. This represents a 7.1% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, average home prices continued to rise, suggesting strong demand in this local market.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and average rent prices over the next five years. Average home prices could potentially reach around $190,000 by 2029, assuming a similar growth rate to recent years. Average rent prices may increase to approximately $950-$1,000 per month in the same timeframe, following the upward trend observed since 2013.
In summary, zip code 44855 has demonstrated resilience in its housing market, maintaining high homeownership rates despite fluctuations in interest rates and steadily increasing home prices. The area has seen substantial growth in both average home values and average rent prices, indicating a robust and desirable local real estate market. As the population continues to fluctuate and economic conditions evolve, it will be interesting to observe how these trends develop in the coming years.
