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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 45429, located in Kettering, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a strong preference for owner-occupied housing, with ownership rates consistently above 65% throughout the observed period.
The relationship between homeownership rates and average home prices in zip code 45429 shows a positive correlation. From 2013 to 2022, the percentage of owner-occupied homes increased from 66% to 68%, while average home prices rose significantly from $133,603 to $235,369. This trend suggests that despite rising home values, residents in this area continued to pursue homeownership. The most substantial increase in homeownership occurred between 2016 and 2017, jumping from 67% to 68%, coinciding with a sharp rise in average home prices from $145,617 to $155,017.
Federal interest rates have played a role in homeownership trends in zip code 45429. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the steady homeownership rate of 66-67% during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 68%, possibly due to residents locking in purchases before further rate increases.
Renter percentages and average rent prices in zip code 45429 have shown an inverse relationship to homeownership trends. As the percentage of renters decreased from 34% in 2013 to 32% in 2022, average rent prices increased from $638 to $727. This suggests that while fewer residents are renting, those who do are paying higher prices. The most significant jump in average rent occurred between 2014 and 2015, rising from $642 to $738, despite a slight decrease in the renter population from 34% to 33%.
In 2023 and 2024, average home prices in zip code 45429 continued their upward trajectory, reaching $247,599 in 2023 and $260,166 in 2024. This represents a 5.1% increase from 2023 to 2024. Simultaneously, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, marking a significant increase from previous years.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in zip code 45429 will continue to rise over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market dynamics.
In summary, zip code 45429 has demonstrated a robust housing market with increasing homeownership rates despite rising home prices. The area has maintained a strong owner-occupied housing preference, even in the face of fluctuating interest rates. Rent prices have shown steady growth, albeit with a decreasing renter population. The coming years are likely to see continued appreciation in both home values and rent prices, reflecting the area's desirability and economic stability.