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Zip Code 45034: Kings Mills's Rising Home Values and Ownership Rates
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 45034, located in Kings Mills, Ohio, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, coupled with substantial growth in average home prices and average rent prices. The community has demonstrated resilience and attractiveness to both homeowners and renters, with a shifting balance between the two groups over time.
The homeownership rate in zip code 45034 has shown a remarkable upward trend, especially in recent years. From 2013 to 2022, the percentage of owner-occupied homes increased from 87% to 93%, indicating a strong preference for homeownership in the area. This rise in ownership coincides with a significant increase in average home prices. In 2013, the average home price was $201,044, which steadily climbed to $365,260 by 2022, representing an impressive 81.7% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 45034. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 70% to 73%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a counterintuitive trend of increasing homeownership, with rates jumping from 72% in 2017 to 93% in 2022. This suggests that other local factors, such as job growth or community development, may have outweighed the impact of rising interest rates on homeownership decisions in this area.
Renter percentages in zip code 45034 have shown an inverse relationship to homeownership rates, declining from 30% in 2015 to just 6% in 2022. Despite this decrease in the renter population, average rent prices have continued to rise. In 2013, the average rent was $1,193, which increased to $1,601 by 2022, a 34.2% increase. This upward trend in rent prices, despite fewer renters, could be attributed to the overall increase in property values and the desirability of the area.
In 2023 and 2024, the housing market in zip code 45034 continued its upward trajectory. The average home price reached $388,253 in 2023 and further increased to $398,009 in 2024, representing a 6.3% and 2.5% year-over-year growth, respectively. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand for housing in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and average rent prices is likely to continue over the next five years. Based on historical data and current market conditions, we can expect average home prices in zip code 45034 to potentially reach around $450,000 to $475,000 by 2029. Average rent prices may similarly increase, potentially reaching $1,800 to $1,900 per month in the same timeframe.
In conclusion, zip code 45034 has demonstrated a strong trend towards homeownership, with a corresponding increase in average home prices. Despite rising interest rates, the area has maintained its appeal to homebuyers, suggesting robust local economic factors. The rental market, while shrinking in terms of occupancy, has seen steady increases in average rent prices. These trends point to a growing, desirable community with a housing market that continues to appreciate in value. As we look to the future, both homeowners and potential investors in zip code 45034 can anticipate continued growth in property values and rental income potential.
