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Zip Code 45148: Resilient Homeownership Amid Rising Home Values in Midland, 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 45148, located in Midland, Ohio, presents an interesting case study of homeownership and housing market trends. This small community has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic shifts and local dynamics.
The homeownership rate in zip code 45148 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the ownership rate stood at 82%, and by 2022, it was at 80%. During this period, average home prices in the area saw significant growth. In 2013, the average home price was $88,002, and by 2022, it had increased to $204,186, representing a substantial 132% increase over nine years. This trend suggests that while home values appreciated considerably, it did not significantly impact the overall homeownership rate in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 45148. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate remained relatively steady at around 79-82%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decline in homeownership, reaching 78% in 2019. However, when interest rates dropped again in 2020 (0.38%) and 2021 (0.08%), homeownership rebounded to 80% by 2022, despite rising home prices.
Renter percentages in zip code 45148 have shown some variability, ranging from 18% in 2013 to 25% in 2020, before settling at 20% in 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $734, rising to $927 in 2021, but then decreasing to $792 in 2022. This represents a 7.9% increase in average rent from 2013 to 2022, despite the recent dip. The population of the zip code has remained relatively stable, with 1,630 residents in 2013 and 1,738 in 2022, suggesting that changes in rental demand are likely influenced by factors other than population growth.
Looking at the most recent data, average home prices in zip code 45148 continued to rise, reaching $212,212 in 2023 and $222,736 in 2024. This represents a further 9.1% increase from 2022 to 2024. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45148 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach around $250,000 to $275,000 by 2029. For rent prices, we expect a moderate upward trend, potentially reaching an average of $900 to $1,000 per month by 2029, assuming economic conditions remain stable and local factors don't significantly alter the housing market dynamics.
In summary, zip code 45148 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The interplay between federal interest rates, home values, and rental markets has shaped the housing landscape in this Ohio community. As the area moves forward, balancing affordability with property value appreciation will be crucial for maintaining a stable and diverse housing market.
