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Zip Code 45323: Rising Home Values and Ownership Trends in Enon, 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 45323, located in Enon, Ohio, presents an intriguing landscape of homeownership and housing market dynamics. Over the past decade, this area has experienced notable shifts in its ownership percentages and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 45323 has shown a general upward trend, increasing from 70% in 2013 to 79% in 2022. This rise in homeownership coincided with a steady increase in average home prices, which grew from $115,670 in 2013 to $197,164 in 2022, representing a substantial 70.5% increase over nine years. The correlation between rising homeownership rates and increasing home prices suggests a strong local housing market with growing demand for owner-occupied properties.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 45323. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial increase in homeownership from 70% to 75%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable around 74-75%. Interestingly, despite the sharp drop in interest rates to 0.08% in 2021, homeownership reached its peak at 82%, indicating that other local factors may have influenced this surge.
Conversely, the renter percentage in zip code 45323 has generally decreased, moving from 30% in 2013 to 21% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend, rising from $740 in 2013 to $744 in 2022. However, this trend was not consistent, with rent prices peaking at $829 in 2017 before experiencing some fluctuations. The decrease in renter percentage coupled with relatively stable rent prices might suggest a tightening rental market with fewer, but potentially higher-quality, rental units available.
Looking at the most recent data, average home prices in zip code 45323 continued their upward trajectory, reaching $208,950 in 2023 and $220,734 in 2024. This represents a 12% increase from 2022 to 2024, indicating a robust housing market despite the significant rise in federal interest rates to 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not yet appeared to dampen home price growth in this area, suggesting strong local demand or limited housing supply.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 45323 to continue their upward trajectory, potentially reaching around $260,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of around $800 per month by 2029, assuming the local rental market stabilizes and follows the overall upward trend seen in home prices.
In summary, zip code 45323 has demonstrated a strong trend towards homeownership, with increasing average home prices reflecting a robust local housing market. The area has shown resilience to rising interest rates, maintaining growth in both homeownership rates and property values. While the rental market has shrunk in terms of percentage, rent prices have remained relatively stable with a slight upward trend. These trends suggest a community transitioning towards a higher rate of owner-occupied housing, with potential for continued growth in property values in the coming years.
