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Zip Code 45152: Rising Home Values and Ownership Trends in Morrow, 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 45152, located in Morrow, Ohio, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in homeownership rates, coupled with rising average home prices and average rent costs.
The ownership percentage in zip code 45152 has shown a consistent upward trend, increasing from 83% in 2013 to 89% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $179,283, and by 2022, it had risen to $346,194, representing a 93% increase over nine years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 45152. During periods of low interest rates, such as from 2013 to 2016 when rates remained below 0.5%, homeownership increased from 83% to 86%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. As interest rates began to rise from 2017 onwards, homeownership rates continued to increase, albeit at a slower pace, reaching 89% by 2022.
The renter percentage in zip code 45152 has experienced a slight decline, moving from 14% in 2013 to 11% in 2022. Despite this decrease, average rent prices have shown an overall upward trend. In 2013, the average rent was $891, which increased to $1,143 by 2022, representing a 28% increase. This rise in rent prices, coupled with a growing population from 11,750 in 2013 to 14,806 in 2022, suggests a competitive rental market despite the declining percentage of renters.
In 2023 and 2024, the housing market in zip code 45152 continued to evolve. The average home price reached $358,467 in 2023 and further increased to $364,547 in 2024. This represents a 5.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and average rent costs for zip code 45152 over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $420,000 by 2029. Average rent prices may also continue to rise, possibly exceeding $1,300 per month within the same timeframe. However, the rate of increase may moderate due to higher interest rates and potential market stabilization.
In summary, zip code 45152 has demonstrated a robust housing market characterized by increasing homeownership rates, rising average home prices, and growing average rent costs. The area has shown resilience in the face of changing economic conditions, with homeownership rates continuing to climb even as interest rates have fluctuated. The consistent population growth and the balance between ownership and rental markets suggest a dynamic and attractive residential area poised for continued development in the coming years.
