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Zip Code 45002: Rising Home Values and Stable Ownership in Grandview, 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 45002, located in Grandview, Ohio, has shown interesting demographic and housing trends over the past decade. This area has experienced fluctuations in homeownership rates, with a general trend towards increased owner occupancy. Average home prices have seen consistent growth, while average rent prices have shown more variability.
The homeownership rate in zip code 45002 has generally increased from 2013 to 2022. In 2013, 80% of housing units were owner-occupied, which increased to 81% by 2021, before slightly decreasing to 79% in 2022. This trend coincides with a significant rise in average home prices, which grew from $183,405 in 2013 to $309,034 in 2022, representing a 68.5% increase over this period. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $249,828 to $282,490, a 13.1% rise.
Federal interest rates have played a role in homeownership trends in zip code 45002. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the stability in homeownership rates during this time. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, there was a slight dip in homeownership to 77% in 2016 and 2017. However, the homeownership rate rebounded to 78% in 2018 and 2019, despite rising interest rates, suggesting other factors were also influencing homeownership decisions in this area.
Renter percentages in zip code 45002 have fluctuated inversely to homeownership rates, ranging from 19% to 22% between 2013 and 2022. Average rent prices have shown an overall upward trend, increasing from $871 in 2013 to $954 in 2022, a 9.5% rise. However, this trend was not linear, with some years seeing decreases in average rent. For example, average rent dropped from $871 in 2013 to $781 in 2015, before rising again. The population of the area has also grown during this period, from 13,015 in 2013 to 14,056 in 2022, which may have contributed to the overall increase in both home prices and rents.
In 2023 and 2024, the housing market in zip code 45002 continued to show strength. Average home prices rose to $326,050 in 2023 and further increased to $336,102 in 2024, representing a 5.5% and 3.1% year-over-year growth, respectively. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, predictive models suggest that average home prices in zip code 45002 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the overall appreciation of property values in the area. However, the rate of increase may be moderated by new housing developments and changes in local economic conditions.
In summary, zip code 45002 has demonstrated a trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in federal interest rates and economic conditions, the area has maintained a strong housing market with growing average home prices and rents. The resilience of the local real estate market, even in the face of rising interest rates, suggests a continued demand for housing in this Ohio community.
