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Zip Code 45208: Rising Home Values and Stable Ownership in Cincinnati's Dynamic Housing Market
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 45208, located in Cincinnati, Ohio, presents an intriguing case study of homeownership and rental trends over the past decade. This area has experienced significant fluctuations in both ownership percentages and housing prices, reflecting broader economic shifts and local market dynamics.
From 2013 to 2022, the homeownership rate in zip code 45208 showed a general upward trend, increasing from 61% to 62%. During this same period, average home prices saw substantial growth, rising from $318,333 in 2013 to $522,824 in 2022, representing a 64.2% increase. This correlation suggests that rising property values did not significantly deter homeownership in the area, potentially indicating strong local economic conditions and sustained demand for housing.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 2.16%), homeownership rates remained relatively stable, fluctuating between 60% and 64%. This stability suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining homeownership rates than interest rates alone.
Renter percentages in zip code 45208 showed a slight decline from 39% in 2013 to 38% in 2022. Concurrently, average rent prices experienced a significant increase, rising from $967 in 2013 to $1,335 in 2022, a 38% jump. This trend indicates that despite rising rental costs, demand for rental properties remained relatively strong, possibly due to factors such as job market dynamics or lifestyle preferences in the area.
Looking at the most recent data, average home prices in zip code 45208 continued to rise, reaching $552,479 in 2023 and $574,028 in 2024. This represents a 5.7% increase from 2022 to 2023 and a further 3.9% increase from 2023 to 2024. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices in zip code 45208. Based on historical data and current market conditions, average home prices could potentially reach around $650,000 by 2029, while average rent prices might approach $1,600 per month. However, these projections are subject to various economic factors and market dynamics.
In summary, zip code 45208 has demonstrated resilience in homeownership rates despite significant increases in property values. The area has seen a steady rise in both home prices and rental costs, indicating strong demand for housing in this Cincinnati neighborhood. The recent uptick in interest rates, coupled with consistently rising property values, may pose challenges for future homebuyers, potentially influencing the balance between ownership and rental markets in the coming years.
