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Zip Code 45410: Rising Home Values and Ownership Rates in Dayton, 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 45410, located in Dayton, Ohio, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown resilience and growth, with a population increase from 16,920 in 2010 to 17,821 in 2022.
The homeownership rate in zip code 45410 has remained relatively stable, fluctuating between 47% and 52% from 2013 to 2022. In 2013, the homeownership rate was 50%, and it reached its peak at 51% in 2014. The rate dipped to its lowest point of 47% in 2015 before recovering to 52% in 2022. Interestingly, as the homeownership rate increased, so did average home prices. The average home price in the area rose dramatically from $38,612 in 2010 to $115,101 in 2022, representing a 198% increase over 12 years.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with the relatively stable homeownership rates in zip code 45410. The low rates likely made mortgages more affordable, supporting homeownership despite rising home prices.
Renter percentages in zip code 45410 have mirrored the homeownership rates, ranging from 48% to 53% between 2013 and 2022. The highest renter percentage was 53% in 2015, corresponding to the lowest homeownership rate that year. Average rent prices have shown a general upward trend, increasing from $820 in 2013 to $821 in 2022. However, there were fluctuations during this period, with the lowest average rent of $780 recorded in 2018 and the highest of $885 in 2021. The population growth from 16,475 in 2013 to 17,821 in 2022 may have contributed to the overall increase in rent prices due to higher demand for rental properties.
In 2023, the average home price in zip code 45410 reached $119,000, continuing the upward trend. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. As of 2024, the average home price has further increased to $125,081, while the federal interest rate has risen to 5.33%. These figures indicate a continued strong housing market in the area, even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 45410 may continue to rise over the next five years, potentially reaching around $150,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially reaching approximately $900 per month by 2029, assuming the trend of gradual increases continues.
In summary, zip code 45410 in Dayton, Ohio, has demonstrated a robust housing market with steadily increasing average home prices and relatively stable homeownership rates. Despite fluctuations in federal interest rates, the area has maintained a balanced mix of owners and renters. The recent increases in both average home prices and interest rates suggest a resilient local real estate market. As the population continues to grow, both home prices and rent prices are expected to follow an upward trajectory in the coming years.
