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Zip Code 45359: Pleasant Hill's Home Values and Ownership Trends Amidst Interest Rate Fluctuations
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
Pleasant Hill, located in zip code 45359 in Ohio, is a small community that has experienced fluctuations in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in the area. The homeownership rate in Pleasant Hill has remained relatively stable, hovering around 80% from 2013 to 2022. In 2013, the homeownership rate was 81%, and by 2022, it stood at 79%. During this period, average home prices in the zip code have shown a consistent upward trend. In 2013, the average home price was $117,264, which increased to $202,362 by 2022, representing a 72.6% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.4%. During this period, homeownership rates in Pleasant Hill remained stable at around 80%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, there was a slight decrease in homeownership to 78%. However, when interest rates dropped again in 2020 and 2021 to 0.38% and 0.08% respectively, homeownership rates stabilized at 78-79%.
The rental market in Pleasant Hill has shown interesting trends as well. The percentage of renters increased slightly from 19% in 2013 to 21% in 2022. Average rent prices have experienced significant fluctuations during this period. In 2013, the average rent was $614, which decreased to $473 in 2015 before rising again. By 2022, the average rent had increased to $992, representing a 61.6% increase from 2013 to 2022.
As of 2023 and 2024, the housing market in Pleasant Hill continues to evolve. The average home price in 2023 was $213,253, showing a 5.4% increase from 2022. In 2024, the average home price further increased to $221,648, representing a 3.9% growth from 2023. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on the observed trends, it is projected that average home prices in Pleasant Hill will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing population and limited housing supply. However, the rate of increase may moderate as the market adjusts to economic conditions.
In summary, Pleasant Hill has maintained a high homeownership rate despite rising home prices. The rental market has seen significant growth in average rents, particularly in recent years. The interplay between federal interest rates, home prices, and rental rates will likely continue to shape the housing market in this zip code in the coming years.
