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Zip Code 45312: Rising Home Values and Strong Ownership in Rural 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 45312, located in Casstown, Ohio, presents an interesting case study of homeownership and housing market trends. This rural area has experienced fluctuations in its population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising average home prices.
The homeownership rate in zip code 45312 has shown a notable increase from 86% in 2013 to 88% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices, which grew from $164,454 in 2013 to $295,178 in 2022, representing a substantial 79.5% increase over this period. The year 2020 saw a particularly sharp increase in average home prices, jumping from $209,155 in 2019 to $233,705, a 11.7% rise in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This low-interest environment likely contributed to the sustained high homeownership rates observed during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the zip code remained stable, suggesting a strong local preference for homeownership despite changing financial conditions.
The rental market in zip code 45312 has shown some volatility, with the percentage of renters fluctuating between 10% and 15% from 2013 to 2022. Average rent prices have also seen variations, peaking at $969 in 2017 before declining to $804 in 2022. This decrease in average rent prices, coupled with a slight decrease in the renter population percentage, suggests a potential shift towards homeownership or changes in the local housing supply.
In 2023 and 2024, the housing market in zip code 45312 continued its upward trajectory. The average home price reached $310,909 in 2023 and further increased to $328,217 in 2024, representing a 5.3% and 5.6% year-over-year growth, respectively. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong underlying demand for housing in the area.
Looking ahead, predictive models suggest that the robust growth in average home prices is likely to continue over the next five years, albeit at a potentially moderated pace due to higher interest rates. Average rent prices may stabilize or see modest increases as the market adjusts to changing economic conditions and housing preferences.
In summary, zip code 45312 has demonstrated a strong trend towards homeownership, with consistently high rates above 85% throughout the observed period. The area has experienced substantial appreciation in average home values, particularly since 2020, despite fluctuations in population and rising interest rates. The rental market, while smaller, has shown resilience with relatively stable occupancy rates. These trends paint a picture of a housing market characterized by strong demand for owned homes and a potentially evolving rental sector.
