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Zip Code 45248: Rising Home Values and Stable Ownership in Mack, 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 45248, located in Mack, Ohio, has experienced notable shifts in homeownership rates and property values over the past decade. This area has maintained a high percentage of owner-occupied homes, with a slight trend towards increased renting in recent years. The average home and rent prices have shown overall upward trajectories, reflecting the dynamic nature of the local real estate market.
The homeownership rate in zip code 45248 has remained relatively stable, with a slight decrease from 87% in 2013 to 86% in 2022. During this same period, average home prices have shown a significant increase. In 2013, the average home price was $131,332, which steadily rose to $224,001 by 2022, representing a 70.6% increase over nine years. This trend suggests that while homeownership rates have remained high, the cost of purchasing a home in the area has become substantially more expensive.
Federal interest rates have played a role in homeownership trends in the zip code. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained steady at 87%. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership to 85% in 2018 and 2019. However, when interest rates dropped again in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership rates rebounded to 86% by 2022, demonstrating the influence of favorable financing conditions on homeownership.
The percentage of renters in zip code 45248 has shown a minor increase from 13% in 2013 to 14% in 2022. Correspondingly, average rent prices have risen from $1,002 in 2013 to $1,034 in 2022, an increase of 3.2%. This modest growth in rent prices, compared to the more substantial increase in home prices, may have contributed to the slight uptick in the renter population. The population in the zip code has decreased from 25,014 in 2013 to 23,493 in 2022, which could have influenced the rental market dynamics.
In 2023 and 2024, the average home prices in zip code 45248 continued their upward trend, reaching $235,016 in 2023 and $244,643 in 2024. This represents a 4.9% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and property values in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 45248 may continue to rise over the next five years, potentially reaching around $275,000 to $290,000 by 2029. Average rent prices are likely to follow a similar upward trajectory, potentially increasing to approximately $1,150 to $1,200 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 45248 has maintained a high rate of homeownership despite rising property values. The area has experienced significant growth in average home prices, with a more modest increase in rent prices. The interplay between federal interest rates, property values, and homeownership rates highlights the complex dynamics of the local real estate market. As the area continues to evolve, it will be important to monitor these trends and their impact on the community's housing landscape.
