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Zip Code 45154: Average Home Values and Ownership Trends in Mount Orab, 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 45154, located in Mount Orab, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a gradual decrease in owner-occupied housing alongside significant increases in average home prices and average rent costs.
The ownership percentage in zip code 45154 has shown a downward trend, decreasing from 77% in 2013 to 71% in 2022. During this same period, average home prices have risen substantially. In 2013, the average home price was $104,135, which increased to $219,187 by 2022, representing a 110% increase over nine years. This inverse relationship suggests that as home prices have become less affordable, homeownership rates have declined.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with relatively stable homeownership rates around 77-79%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline more noticeably, dropping to 74% by 2019. The sharp decrease in interest rates in 2020 (0.38%) and 2021 (0.08%) did not immediately reverse this trend, possibly due to other economic factors at play.
Renter percentages have increased from 23% in 2013 to 29% in 2022, mirroring the decline in homeownership. Average rent prices have fluctuated but generally trended upward, rising from $771 in 2013 to $800 in 2022. Notably, there was a peak in average rent at $829 in both 2018 and 2021. The population in the zip code has remained relatively stable, increasing slightly from 9,429 in 2013 to 9,645 in 2022, which may have contributed to the sustained demand for rental properties.
Looking at the most recent data, the average home price in zip code 45154 reached $227,425 in 2023 and further increased to $240,187 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45154 will continue to rise, potentially reaching around $280,000 to $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching $850 to $900 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 45154 has experienced a shift towards more renter-occupied housing, coinciding with substantial increases in average home prices. The interplay between federal interest rates, housing affordability, and homeownership rates has been evident, with higher home prices and fluctuating interest rates correlating with decreased homeownership. As the area continues to evolve, these trends are likely to shape the local housing market in the coming years.
