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Zip Code 45218: Average Home Values Double in Greenhills, 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 45218, located in Greenhills, Ohio, is a small suburban area covering just 1.33 square miles. This compact community has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 45218 has shown a general decline from 2013 to 2022. In 2013, 78% of residents were homeowners, but by 2022, this figure had dropped to 64%. This 14 percentage point decrease coincided with a significant increase in average home prices. In 2013, the average home price was $96,817, which rose steadily to reach $194,219 by 2022, representing a substantial 100.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering between 73% and 78%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates showed a more pronounced decline, dropping to 64% in 2022.
The renter population in zip code 45218 has inversely mirrored the homeownership trend, increasing from 22% in 2013 to 36% in 2022. This shift coincided with a rise in average rent prices. In 2013, the average rent was $826, which increased to $1,141 by 2022, a 38.1% jump. The population fluctuated during this period, starting at 3,299 in 2013, peaking at 3,362 in 2018, and settling at 3,288 in 2022, suggesting that changes in rental demand were not solely driven by population growth but also by shifts from homeownership to renting.
In 2023 and 2024, the housing market in zip code 45218 continued its upward trajectory. The average home price rose to $208,391 in 2023 and further increased to $221,707 in 2024, marking a 14.2% increase over two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in zip code 45218 may continue to rise over the next five years, potentially reaching around $260,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,300 per month within the same timeframe. These projections assume a continuation of current trends and stable economic conditions.
In summary, zip code 45218 has experienced a notable shift from homeownership to renting over the past decade, accompanied by substantial increases in both home prices and rents. The interplay between interest rates, housing affordability, and demographic changes has shaped these trends. As the community moves forward, it may continue to see rising housing costs and a potential further shift in the balance between owners and renters, reflecting broader economic patterns and local market dynamics.
