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Zip Code 45429: Rising Home Values and Strong Ownership in Kettering, 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 45429, located in Kettering, Ohio, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a gradual increase in homeownership, coupled with substantial growth in average home prices and average rent costs.
The ownership percentage in zip code 45429 has shown a steady upward trend, rising from 66% in 2013 to 68% in 2022. This increase in homeownership coincides with a remarkable surge in average home prices. In 2013, the average home price was $133,603, which then climbed to $235,369 by 2022, representing a 76% increase over nine years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 45429. During periods of low interest rates, such as from 2013 to 2016 when rates remained below 0.5%, homeownership rates increased from 66% to 67%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. As interest rates began to rise from 2017 onwards, homeownership rates continued to increase slightly, reaching 68% by 2022, indicating a resilient housing market in this zip code.
The renter percentage in zip code 45429 has correspondingly decreased from 34% in 2013 to 32% in 2022. Despite this slight decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $926, which increased to $982 by 2022, representing a 6% rise over nine years. The population in the zip code has also grown during this period, from 27,325 in 2013 to 28,441 in 2022, which may have contributed to the sustained demand for rental properties despite the increasing homeownership rates.
In 2023 and 2024, the housing market in zip code 45429 continued its upward trajectory. The average home price reached $247,599 in 2023 and further increased to $260,166 in 2024, showing a 5.1% year-over-year growth. This price appreciation occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating a robust demand for housing in the area.
Looking ahead, predictive models suggest that the upward trend in both average home prices and average rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 45429 could potentially reach around $300,000 by 2029. Average rent prices may also see a steady increase, potentially approaching $1,200 per month within the same timeframe.
In summary, zip code 45429 has demonstrated a strong housing market characterized by increasing homeownership rates, rising average home prices, and steady growth in average rent costs. The area has shown resilience to fluctuating interest rates, with property values continuing to appreciate even in the face of recent rate hikes. These trends, combined with population growth, suggest a continued robust demand for both owned and rented properties in this Kettering zip code for the foreseeable future.
