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Zip Code 45242: Rising Home Values and Stable Ownership in Blue Ash, 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 45242, located in Blue Ash, Ohio, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area, known for its blend of residential and commercial spaces, has seen a generally stable homeownership rate with some fluctuations, while average home prices have shown a consistent upward trend.
The homeownership rate in zip code 45242 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate was 75%, which increased to 78% in 2017, indicating a peak in homeownership. However, by 2022, it had returned to 75%. During this period, average home prices in the area saw a significant increase. In 2013, the average home price was $240,874, which rose steadily to $454,626 by 2022, representing an 88.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2017, when interest rates were historically low (ranging from 0.11% to 1%), homeownership rates increased from 75% to 78%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more sharply from 2018 onwards, homeownership rates in the area showed a slight decline, settling back to 75% by 2022.
Regarding rental trends, the percentage of renters in zip code 45242 has remained relatively stable, with some minor fluctuations. In 2013, the renter percentage was 24%, which decreased slightly to 22% in 2017, before increasing again to 25% in 2022. Average rent prices have shown an overall upward trend, albeit with some volatility. In 2013, the average rent was $1,344, which increased to $1,463 by 2015. After some fluctuations, it reached $1,552 in 2022, representing a 15.5% increase over the nine-year period.
Looking at the most recent data, the average home price in zip code 45242 continued its upward trajectory, reaching $484,864 in 2023 and $510,217 in 2024. This represents a 6.7% and 5.2% year-over-year increase respectively. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home price growth.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45242 will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could potentially reach around $600,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,800 to $2,000 per month in the same timeframe, driven by ongoing demand and rising property values.
In summary, zip code 45242 has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The area has seen substantial property value appreciation, with average home prices nearly doubling over the past decade. Rental markets have shown more moderate growth, with average rents increasing at a slower pace than home prices. The recent sharp rise in interest rates may influence future trends, potentially moderating home price growth and impacting homeownership rates in the coming years.
