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Zip Code 45320: Rising Home Values and Ownership Trends in Eaton, 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 45320, located in Eaton, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a steady increase in homeownership, coupled with fluctuating average home prices and rent costs.
The ownership percentage in zip code 45320 has shown a consistent upward trend from 2013 to 2022. In 2013, the homeownership rate was 74%, which gradually increased to 77% by 2022. This rise in homeownership coincided with significant changes in average home prices. The average home price in 2013 was $119,675, which initially decreased to $114,368 in 2014 before beginning a steady climb. By 2022, the average home price had risen to $193,441, representing a substantial increase of 61.6% from 2013 to 2022.
Federal interest rates appear to have played a role in homeownership trends in this area. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the initial increase in homeownership. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the rate of homeownership growth slowed but continued to increase, suggesting other factors were also influencing this trend.
Conversely, the percentage of renters in zip code 45320 decreased from 26% in 2013 to 23% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $728, which increased to $833 by 2022, representing a 14.4% increase. This rise in rent prices occurred despite a slight decrease in the area's population from 17,132 in 2013 to 16,423 in 2022, indicating that other economic factors were likely influencing rent costs.
Looking at more recent data, the average home price in zip code 45320 continued its upward trajectory, reaching $211,879 in 2023 and $224,593 in 2024. This represents a significant 16% increase from 2022 to 2024. Interestingly, this price increase occurred despite a sharp rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or other market forces at play.
Applying predictive models to forecast trends for the next five years, we can anticipate continued growth in average home prices, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to continue their upward trend, possibly accelerating if homeownership becomes less accessible due to higher mortgage rates.
In summary, zip code 45320 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. Despite a declining renter population, rent prices have also increased, suggesting a complex interplay of economic factors influencing the local housing market. The recent sharp increase in interest rates, coupled with continued home price appreciation, may present new challenges and opportunities in this market in the coming years.
