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Zip Code 45069: Rising Home Values and Stable Ownership in Beckett Ridge, 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 45069, located in Beckett Ridge, Ohio, is a thriving area that has experienced significant growth and changes in its housing market over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic real estate landscape of this community.
The homeownership rate in zip code 45069 has remained relatively stable, with a slight decrease from 80% in 2013 to 78% in 2022. During this same period, average home prices have shown a remarkable upward trend. In 2013, the average home price was $191,149, which steadily increased to $362,914 by 2022, representing an impressive 90% growth over nine years. This substantial appreciation in home values, coupled with the relatively stable homeownership rate, suggests that despite rising prices, residents in this area have maintained their ability to own homes.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained exceptionally low, hovering around 0.1-0.4%. During this period, homeownership rates in zip code 45069 remained stable at 79-80%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership to 78-79%. The dramatic drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership back to 79%, likely due to more affordable financing options.
The renter population in zip code 45069 has seen a gradual increase, rising from 18% in 2013 to 22% in 2022. This growth in the renter population has been accompanied by a steady rise in average rent prices. In 2013, the average rent was $1,282, which increased to $1,449 by 2022, representing a 13% increase over nine years. The population of the zip code also grew during this period, from 50,504 in 2013 to 54,932 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 45069 reached $383,104 in 2023 and further increased to $396,114 in 2024. This represents a continued upward trajectory in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homebuying affordability and could potentially influence future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45069 will continue to rise, potentially reaching around $450,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially reaching approximately $1,600 by 2029, following the steady growth pattern seen in recent years.
In summary, zip code 45069 has demonstrated a robust and growing housing market. Despite rising home prices, homeownership rates have remained relatively stable, indicating strong demand and economic stability in the area. The rental market has also shown steady growth, both in terms of the renter population and average rent prices. With continued population growth and appreciation of property values, this zip code is likely to remain an attractive area for both homeowners and renters in the coming years.
