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Zip Code 45236: Rising Home Values and Stable Ownership in Kenwood, 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 45236, located in Kenwood, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 24,502 in 2022, has seen interesting fluctuations in its real estate market, reflecting broader economic trends and local dynamics.
The homeownership rate in zip code 45236 has shown resilience, with a slight increase from 64% in 2015 to 68% in 2022. This upward trend in homeownership coincided with a significant rise in average home prices. In 2015, the average home price was $137,017, which steadily increased to $237,935 by 2022, representing a substantial 73.7% growth over seven years. This correlation suggests that despite rising home prices, the area maintained its appeal to homebuyers, possibly due to its desirable location or community amenities.
Federal interest rates have played a crucial role in shaping homeownership trends in this zip code. The period from 2015 to 2020 saw relatively low interest rates, ranging from 0.13% to 2.16%. This low-interest environment likely contributed to the sustained homeownership rates, as it made mortgage financing more accessible. The slight dip in homeownership from 68% in 2020 to 67% in 2021 coincided with the onset of the COVID-19 pandemic and extremely low interest rates of 0.08%, which may have temporarily disrupted normal housing market dynamics.
Renter percentages in zip code 45236 have remained relatively stable, fluctuating between 32% and 36% from 2015 to 2022. Average rent prices, however, have shown a consistent upward trend. In 2015, the average rent was $987, which increased to $1,093 by 2022, representing a 10.7% increase. This growth in rent prices, while significant, was less dramatic than the increase in home prices over the same period. The stability in renter percentages despite rising rents suggests a steady demand for rental properties in the area, possibly driven by factors such as job market stability or the area's attractiveness to younger demographics.
In 2023 and 2024, the housing market in zip code 45236 continued its upward trajectory. The average home price reached $254,868 in 2023 and further increased to $270,701 in 2024, marking a 13.8% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. The continued appreciation in home values despite higher borrowing costs indicates strong underlying demand and potentially limited housing supply in the area.
Looking ahead, predictive models suggest that the upward trend in both home prices and rents is likely to continue in zip code 45236, albeit at a potentially moderated pace. Over the next five years, average home prices could reach around $300,000, representing a 10-15% increase from 2024 levels. Average rent prices may similarly rise, potentially reaching $1,200-$1,300 per month. However, these projections assume relatively stable economic conditions and no major disruptions to the local real estate market.
In summary, zip code 45236 has demonstrated a robust and dynamic real estate market over the past decade. The area has maintained strong homeownership rates despite significant increases in home prices, indicating its continued desirability. The rental market has also shown steady growth, with consistent demand and gradually increasing prices. The resilience of both the ownership and rental markets in the face of rising prices and fluctuating interest rates suggests a strong underlying economy and continued attractiveness of the Kenwood area to both homeowners and renters.
