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Zip Code 45214: Cincinnati's Urban Housing Market Sees 246% Increase in Average Home Values
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 45214, located in Cincinnati, Ohio, encompasses an area of 2.49 square miles. This urban neighborhood has experienced fluctuations in its demographics and housing market over the past decade. The area has seen a general trend of increasing average home prices, while homeownership rates have remained relatively stable with a slight uptick in recent years.
From 2013 to 2022, the homeownership rate in zip code 45214 saw a modest increase from 20% to 24%. During this same period, average home prices experienced significant growth, rising from $29,433 in 2013 to $101,919 in 2022, representing a 246% increase. This substantial rise in home values did not directly correlate with an equally dramatic shift in homeownership rates, suggesting other factors at play in the local housing market.
The federal interest rates have shown considerable variability over the years, which can influence homeownership trends. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was 20%. As interest rates gradually increased to 1.68% by 2022, the homeownership rate actually improved slightly to 24%. This suggests that in this particular zip code, factors beyond interest rates, such as local economic conditions or housing availability, may have had a more significant impact on homeownership rates.
Renter occupancy in zip code 45214 has remained the dominant housing tenure, with the percentage of renters fluctuating between 76% and 80% from 2013 to 2022. Average rent prices have shown a steady increase during this period, rising from $601 in 2013 to $677 in 2022, a 12.6% increase. The population in the zip code has also fluctuated, reaching a low of 9,056 in 2015 and rebounding to 10,411 by 2022. This population growth, combined with the high percentage of renters, may have contributed to the upward pressure on rent prices.
In 2023, the average home price in zip code 45214 reached $106,382, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $117,364, while interest rates have slightly risen to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market in the area, despite higher borrowing costs for potential homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45214 will continue to rise, potentially reaching around $150,000 by 2029. This projection is based on the consistent upward trajectory observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of $750 per month by 2029, reflecting the steady but slower growth rate compared to home prices.
In summary, zip code 45214 has demonstrated a resilient housing market with steadily increasing average home prices and rent values. The area maintains a high proportion of renters, although there has been a slight increase in homeownership in recent years. Despite rising interest rates, the housing market appears to remain strong, with continued growth in property values. The coming years are likely to see further appreciation in both home prices and rents, potentially altering the dynamics of homeownership and rental markets in this Cincinnati neighborhood.
