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Zip Code 45337: Rising Home Values and Fluctuating Ownership Rates in Potsdam, 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 45337, located in Potsdam, Ohio, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This area has shown resilience in maintaining a high percentage of owner-occupied homes while navigating through significant changes in average home values and rent prices.
The homeownership rate in zip code 45337 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the owner-occupied rate was 84%, which increased to a peak of 88% in 2018 before settling at 82% in 2022. During this period, average home prices demonstrated a consistent upward trend. In 2013, the average home price was $127,091, which steadily increased to $216,212 by 2022, representing a substantial 70% growth over nine years.
Federal interest rates have played a role in homeownership trends in the area. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.40%), homeownership rates remained stable around 82-85%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership actually increased slightly, reaching 87% in 2019. This suggests that local factors may have outweighed the impact of rising interest rates on homeownership decisions in this specific zip code.
Renter percentages in zip code 45337 have fluctuated inversely to homeownership rates, ranging from a low of 12% in 2018 to a high of 21% in 2020. Average rent prices have shown an overall increasing trend, albeit with some volatility. In 2013, the average rent was $718, which increased to $856 by 2020, representing a 19% increase. Notably, there was a significant jump in average rent to $955 in 2021, followed by a decrease to $856 in 2022. These rent price fluctuations occurred alongside population changes, with the area experiencing growth from 2,208 residents in 2013 to 2,514 in 2022.
In 2023 and 2024, average home prices in zip code 45337 continued their upward trajectory, reaching $225,613 in 2023 and $236,308 in 2024. This represents a 4.3% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, based on the historical data and current trends, we can forecast potential scenarios for the next five years. Average home prices in zip code 45337 are likely to continue their upward trend, potentially reaching around $275,000 to $290,000 by 2029, assuming a steady annual growth rate of 3-4%. Average rent prices may also continue to increase, potentially reaching $950 to $1,000 per month by 2029, considering historical volatility and assuming a more moderate annual growth rate of 2-3%.
In summary, zip code 45337 has maintained a high rate of homeownership despite significant increases in average home prices. The area has demonstrated resilience in the face of rising federal interest rates, with local factors potentially outweighing national trends. Rent prices have shown volatility but an overall upward trend. As the area continues to grow, it will be crucial to monitor how these housing market dynamics evolve and impact the local community.
