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Zip Code 44878: Rising Home Values and Ownership Trends in Shiloh, 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 44878, located in Shiloh, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area has seen fluctuations in its population and housing market, with interesting trends emerging in both ownership and rental sectors.
The homeownership rate in zip code 44878 has shown a general decline from 2013 to 2019, followed by a recent uptick. In 2013, the area boasted an 84% homeownership rate, which gradually decreased to 73% by 2019. However, this trend reversed in recent years, with homeownership rising to 81% by 2022. Concurrently, average home prices have steadily increased from $99,489 in 2010 to $200,365 in 2022, representing a substantial 101% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite historically low interest rates from 2010 to 2016 (ranging from 0.09% to 0.4%), homeownership rates actually declined during this period. This suggests that other local factors may have had a more significant influence on homeownership than national interest rates in this particular area.
Renter percentages in zip code 44878 have shown an inverse relationship to homeownership rates, naturally increasing as ownership decreased. The proportion of renters rose from 16% in 2013 to a peak of 27% in 2019, before declining to 19% in 2022. Average rent prices have been volatile, starting at $615 in 2013, peaking at $977 in 2017, and then settling at $726 in 2022. This volatility in rent prices doesn't appear to correlate strongly with the changes in renter percentages, suggesting other factors such as local economic conditions or housing supply may be at play.
Moving to more recent data, the average home price in zip code 44878 continued its upward trajectory, reaching $205,107 in 2023 and further increasing to $212,894 in 2024. This represents a 6.3% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the historical trends and recent data, we can project that average home prices in zip code 44878 may continue to rise over the next five years, potentially reaching around $240,000 by 2029. However, the rate of increase might slow down due to higher interest rates. Average rent prices, which have been more volatile, could stabilize around $800-$850 per month, assuming no major economic disruptions.
In summary, zip code 44878 has experienced a recent resurgence in homeownership after years of decline, coupled with steadily increasing home values. The rental market has shown more volatility, both in terms of renter percentages and average rent prices. The area's housing market appears to be influenced by local factors in addition to broader economic trends, making it a unique and dynamic real estate environment.
