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Zip Code 45372: Rising Home Values and Ownership Rates in Tremont City, 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 45372, located in Tremont City, Ohio, is a small community with a unique demographic profile. This area has experienced fluctuations in homeownership rates and housing prices over the past decade. The ownership percentage has shown an overall increasing trend, while average home prices have seen significant growth, particularly in recent years. Average rent prices have also displayed an upward trajectory, albeit with some variability.
The homeownership rate in zip code 45372 has shown a general upward trend from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 57%, which increased to 86% by 2022. This substantial rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $65,974, and by 2022, it had risen to $108,109, representing a 63.9% increase over this period. The most dramatic rise occurred between 2020 and 2021, with average home prices jumping from $87,881 to $102,825, a 17% increase in just one year.
Federal interest rates have played a role in homeownership trends in this area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership rates from 57% to 83%. The low-interest environment likely made home financing more accessible, contributing to the rise in homeownership. However, as interest rates began to climb in 2022 to 1.68%, the homeownership rate remained high at 86%, suggesting other factors may have influenced the continued high rate of homeownership in this zip code.
The renter percentage in zip code 45372 has shown an overall decline from 29% in 2013 to 14% in 2022. Despite this decrease in the proportion of renters, average rent prices have generally increased. In 2013, the average rent was $713, which rose to $787 by 2022, a 10.4% increase. The highest average rent was recorded in 2019 and 2020 at $814. It's worth noting that the population has remained relatively stable during this period, fluctuating between 16 and 19 residents, which may have contributed to the stability in the rental market despite the decreasing percentage of renters.
In 2023, the average home price in zip code 45372 reached $109,232, continuing the upward trend observed in previous years. This represents a modest 1% increase from 2022. Moving into 2024, the average home price has further increased to $117,148, marking a more substantial 7.2% rise from 2023. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in zip code 45372 will continue to rise over the next five years, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices are also likely to continue their upward trajectory, possibly accelerating if higher mortgage rates discourage some potential homebuyers and increase demand for rentals.
The most significant discoveries in zip code 45372 include the substantial increase in homeownership rates from 57% to 86% between 2013 and 2022, coupled with a 63.9% rise in average home prices over the same period. The inverse relationship between declining renter percentages and rising average rent prices is also noteworthy. The recent sharp increase in federal interest rates to over 5% in 2023 and 2024 may influence future housing market dynamics in this area. As we move forward, continued growth in both home prices and rent prices is anticipated, though the rate of increase may be moderated by higher interest rates and economic factors.
