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Zip Code 45146: Rising Home Values and Ownership Rates in Martinsville, 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 45146, located in Martinsville, Ohio, has experienced significant changes in its housing market over the past decade. This area has seen notable shifts in homeownership rates and property values, reflecting broader economic trends and local demographic changes.
The homeownership rate in zip code 45146 has shown a general upward trend, increasing from 77% in 2016 to 84% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $117,228 in 2016 to $198,657 in 2022, representing a 69.5% increase over six years. This correlation suggests that rising property values may have encouraged more residents to invest in homeownership, possibly viewing real estate as a lucrative long-term investment.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2016 to 2020 saw relatively low interest rates, ranging from 0.4% to 2.16%, which likely contributed to the increased homeownership rates observed during this time. The accessibility of affordable mortgages typically encourages more people to enter the housing market as buyers rather than renters.
The percentage of renters in zip code 45146 has decreased from 23% in 2016 to 16% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend, rising from $850 in 2016 to $893 in 2022. This increase in rent prices, despite a shrinking renter pool, could be attributed to various factors such as improved rental property quality or a shortage of available rental units in the area.
The average home price in zip code 45146 for 2023 was $198,395, showing a slight decrease from 2022. However, the 2024 average home price has rebounded to $208,595, indicating a return to growth. Federal interest rates have significantly increased to 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, average home prices in zip code 45146 are anticipated to continue rising, albeit at a more moderate pace than seen in recent years. The current higher interest rates may slow down the rate of price appreciation. For rent prices, a steady increase is expected over the next five years, potentially driven by inflation and the overall trend of rising housing costs.
In summary, zip code 45146 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has seen a corresponding decrease in the renter population, although average rent prices have still trended upward. Recent data shows continued growth in home prices, despite higher interest rates. These trends suggest a robust and dynamic housing market in the area, with a strong preference for homeownership among residents.
