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Zip Code 45032: Stable Homeownership Amidst Rising Home Values in Harveysburg, 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 45032, located in Harveysburg, Ohio, is a small community with unique demographic characteristics. This area has maintained a consistent 80% homeownership rate from 2013 to 2022, while experiencing significant fluctuations in average home prices and rent over the same period.
The homeownership rate in zip code 45032 has remained stable at 80% from 2013 to 2022, despite substantial changes in average home prices. The average home price increased from $84,541 in 2013 to $173,752 in 2022, representing a 105.5% increase over nine years. This trend suggests that despite rising home values, the community has maintained a strong preference for homeownership. The stability in homeownership rates, even as prices doubled, indicates a resilient local housing market and potentially strong community ties.
Federal interest rates have shown a general downward trend from 2013 to 2021, which typically encourages homeownership due to more affordable financing options. Interest rates decreased from 0.11% in 2013 to 0.08% in 2021, before rising to 1.68% in 2022. Despite these fluctuations, the homeownership rate in zip code 45032 remained constant at 80%, suggesting that other factors beyond interest rates may have influenced local homeownership trends.
The renter population in zip code 45032 has also remained relatively stable, with only 20% of housing units occupied by renters. Average rent prices have shown considerable volatility, ranging from a low of $718 in 2016 to a high of $1,038 in 2022. This represents a 44.6% increase in average rent over six years. Despite these significant rent increases, the renter percentage has not changed, possibly due to the limited housing stock in this small community with a population of only 13 in 2022.
In 2023 and 2024, average home prices in zip code 45032 continued to rise, reaching $186,960 in 2023 and $203,330 in 2024. This represents a 17% increase over two years from the 2022 average price. Concurrently, federal interest rates increased 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 recent trends, we can project that average home prices in zip code 45032 may continue to rise over the next five years, potentially reaching around $250,000 by 2029. Average rent prices, following their upward trend, could potentially increase to approximately $1,300 per month in the same timeframe. However, these projections assume continuation of current trends and do not account for potential economic shifts or local market changes.
In summary, zip code 45032 demonstrates a remarkably stable homeownership rate despite significant increases in both average home prices and rent. The community's resilience in maintaining high homeownership levels in the face of rising costs and fluctuating interest rates is a key characteristic of this area. The continued upward trajectory of home prices and rents, coupled with recent interest rate hikes, may present challenges for affordability in the coming years, potentially impacting the long-standing homeownership trends in this small Ohio village.
