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Zip Code 45424: Rising Home Values and Ownership Rates in Huber Heights, 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 45424, located in Huber Heights, Ohio, has shown interesting dynamics in homeownership and housing prices over the past decade. This area has experienced a general trend of increasing homeownership rates alongside fluctuating average home prices and rent costs.
The homeownership rate in zip code 45424 has seen a steady increase from 71% in 2013 to 75% in 2022. This upward trend coincided with significant changes in average home prices. In 2013, the average home price was $108,853, which dropped slightly to $107,454 in 2015 before beginning a consistent upward trajectory. By 2022, the average home price had risen to $188,794, representing a 73% increase from 2013. This trend suggests that despite rising home prices, more residents were able to transition into homeownership.
Federal interest rates have played a crucial role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership from 71% to 76%. The accessibility of affordable financing likely contributed to more residents being able to purchase homes, even as prices rose.
The renter population in zip code 45424 has correspondingly decreased from 29% in 2013 to 25% in 2022. During this period, average rent prices showed a general upward trend, increasing from $997 in 2013 to $1,072 in 2022, a 7.5% increase. However, this increase in rent was not as steep as the rise in home prices, which may have influenced some renters to transition to homeownership.
In 2023 and 2024, the housing market in zip code 45424 continued to evolve. The average home price reached $197,266 in 2023 and further increased to $206,156 in 2024, representing a 9.2% rise from 2022. Notably, federal interest rates also saw a significant increase, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 45424 could potentially reach around $250,000 by 2029. Rent prices, which have shown more moderate growth, might increase to approximately $1,200 per month. However, these projections could be influenced by various factors, including economic conditions, local development, and changes in interest rates.
In summary, zip code 45424 has demonstrated a consistent increase in homeownership rates despite rising home prices. The area has benefited from periods of low interest rates, which likely supported the transition from renting to owning. While both home prices and rent have increased, the more substantial rise in home values suggests a strong demand for homeownership in this area. The recent uptick in interest rates and continued growth in home prices will be key factors to watch in the coming years, as they may influence affordability and homeownership trends in this Ohio community.
