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Zip Code 45314: Rising Home Values and Ownership Trends in Cedarville, 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 45314, located in Cedarville, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in average rent prices.
The ownership percentage in zip code 45314 has shown a steady increase from 67% in 2013 to 75% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $160,730, which increased to $276,469 by 2022, representing a 72% growth over nine years. This correlation suggests that despite rising home prices, more residents have been able to enter the housing market, possibly due to favorable economic conditions or increased local prosperity.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates aligns with the increase in homeownership from 67% to 75%. Lower interest rates typically make mortgages more affordable, encouraging home buying. However, the sharp rise in interest rates to 5.02% in 2023 and 5.33% in 2024 may impact future homeownership rates.
The renter percentage in zip code 45314 has correspondingly decreased from 32% in 2013 to 25% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $679, which increased to $731 in 2021, but then decreased to $672 in 2022. This fluctuation in rent prices, coupled with the declining renter percentage, might indicate a shift in housing preferences or local economic factors influencing the rental market.
Looking at the most recent data, average home prices in zip code 45314 continued to rise, reaching $285,913 in 2023 and $294,128 in 2024. This represents a 6.3% increase from 2022 to 2024, despite the significant rise in interest rates during the same period. The continued appreciation in home values suggests strong demand in the local housing market, possibly driven by factors such as local economic growth or limited housing supply.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45314 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $340,000 to $360,000, assuming a moderate annual growth rate of 3-4%. For rent prices, we expect a more stable trajectory, with potential increases to around $750-$800 per month by 2029, factoring in historical fluctuations and the area's evolving housing market dynamics.
In summary, zip code 45314 has demonstrated a strong trend towards homeownership, with a significant increase in average home prices over the past decade. The area has shown resilience in its housing market, maintaining growth even in the face of rising interest rates. While the rental market has seen some fluctuations, the overall shift towards homeownership suggests a stable and potentially growing community in Cedarville, Ohio.
