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Zip Code 45306: Rising Home Values and Stable Ownership in Botkins, 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 45306, located in Botkins, Ohio, presents an interesting case study of homeownership and housing market trends. This area has experienced fluctuations in its ownership rates and housing prices over the past decade, reflecting broader economic patterns and local market dynamics.
The homeownership rate in zip code 45306 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the area had a 79% homeownership rate, which increased slightly to 80% by 2014. However, there was a noticeable dip to 75% in 2020, before rebounding to 80% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $120,884, which increased to $222,677 by 2022, representing an impressive 84% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with stable homeownership rates around 79-80%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate experienced some volatility, dropping to 75% in 2020 before recovering to 80% in 2022.
Renter percentages and average rent prices in zip code 45306 have shown interesting trends. The renter-occupied percentage increased from 21% in 2013 to 25% in 2020, before decreasing to 20% in 2022. Average rent prices have generally increased over this period, starting at $721 in 2013 and reaching $742 in 2022, with some fluctuations in between. Notably, there was a significant spike in average rent to $904 in 2021, which may have contributed to the subsequent decrease in the renter-occupied percentage.
Looking at the most recent data, the average home price in zip code 45306 reached $229,291 in 2023 and further increased to $241,782 in 2024. This represents a 5.9% increase from 2023 to 2024, indicating continued growth in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45306 will continue to rise, potentially reaching around $280,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of around $800 per month by 2029, assuming the trend of gradual increases continues.
In summary, zip code 45306 has demonstrated resilience in its homeownership rates despite fluctuations in the housing market and interest rates. The area has seen substantial growth in average home prices, with a particularly strong surge in recent years. While renter percentages have fluctuated, there's been a general trend towards increased average rent prices. The interplay between these factors, coupled with broader economic conditions, will likely continue to shape the housing landscape in this Ohio community in the coming years.
