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Zip Code 45030: Rising Home Values and Homeownership Resilience in Harrison, 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
Harrison, Ohio, zip code 45030, has experienced significant growth and changes in its housing market over the past decade. This suburban area has seen a steady increase in population, rising from 17,186 in 2010 to 21,241 in 2022, indicating its growing appeal as a residential community.
The homeownership rate in Harrison has remained relatively stable, with some fluctuations. In 2013, the homeownership rate was 84%, which slightly decreased to 79% by 2019. However, by 2022, it rebounded to 83%, demonstrating a resilient owner-occupied housing market. This trend correlates with the steady increase in average home prices, which rose from $163,412 in 2010 to $275,727 in 2022, representing a substantial 68.7% increase over 12 years.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2015, interest rates remained exceptionally low, hovering around 0.1% to 0.18%. This period coincided with a gradual increase in average home prices, likely due to increased affordability of mortgages. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, we observed a slight dip in homeownership rates, dropping from 83% in 2015 to 79% in 2019, before recovering to 83% in 2022.
The rental market in Harrison has shown interesting trends as well. The percentage of renters increased from 15% in 2013 to 21% in 2019, before decreasing to 17% in 2022. Average rent prices have generally trended upward, rising from $936 in 2013 to $1,077 in 2022, an increase of 15.1%. This rise in rent prices, coupled with the growing population, suggests a competitive rental market, particularly during the years when homeownership rates were slightly lower.
In 2023 and 2024, the housing market in Harrison continued its upward trajectory. Average home prices reached $288,975 in 2023 and further increased to $295,854 in 2024, representing a 7.3% growth over these two years. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $350,000 by 2029, assuming a similar growth rate. Average rent prices might increase to approximately $1,300 per month. However, these projections could be influenced by various factors, including economic conditions, local development, and changes in federal interest rates.
In summary, Harrison (45030) has demonstrated a robust and growing housing market. The area has maintained a high rate of homeownership despite rising home prices, suggesting strong demand for owner-occupied housing. The rental market, while smaller, has shown resilience with steadily increasing rent prices. The recent sharp rise in interest rates may pose challenges for new homebuyers, potentially leading to a more competitive rental market in the near future. Overall, the housing market in this zip code appears poised for continued growth and development.
