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Zip Code 45431: Rising Home Values and Shifting Ownership in Beavercreek, 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 45431, located in Beavercreek, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban area has seen fluctuations in its population and housing market, reflecting broader economic trends and local dynamics. The homeownership rate in zip code 45431 has shown a slight decline followed by a recent uptick. In 2013, 53% of residents were homeowners, but this figure dropped to 49% by 2017. However, there has been a reversal in recent years, with homeownership increasing to 54% in 2022. This trend correlates interestingly with average home prices, which have seen consistent growth. The average home price in the area rose from $125,043 in 2010 to $215,409 in 2022, representing a substantial 72% increase over 12 years.
Federal interest rates appear to have influenced homeownership rates in the zip code. The period of historically low interest rates from 2010 to 2021, where rates remained below 1% for several years, coincided with the initial decline and subsequent stabilization of homeownership rates. As interest rates began to rise in 2022, reaching 1.68%, there was a slight increase in homeownership, possibly due to residents rushing to purchase homes before rates climbed further.
Renter percentages in zip code 45431 have mirrored the homeownership trends, increasing from 47% in 2013 to a peak of 50% in 2017, before declining to 46% in 2022. Average rent prices have shown a steady upward trajectory, rising from $998 in 2013 to $1,151 in 2022, an increase of about 15%. This rise in rent prices, while significant, has been less dramatic than the increase in home prices over the same period.
The year 2023 saw continued growth in the housing market of zip code 45431, with average home prices reaching $222,967. This trend persisted into 2024, with prices further climbing to $232,367. Notably, these increases occurred despite a sharp rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that the upward trend in both home prices and rent is likely to continue in zip code 45431 over the next five years. Average home prices are projected to potentially reach around $275,000 by 2029, assuming a similar growth rate. Average rent prices could potentially increase to approximately $1,350 per month in the same timeframe, based on current trends.
In summary, zip code 45431 has demonstrated resilience in its housing market, with rising home values and a recent rebound in homeownership rates. The area has maintained a relatively balanced mix of owners and renters, adapting to changing economic conditions. The consistent increase in both home prices and rents, coupled with recent interest rate hikes, suggests a dynamic and potentially competitive housing market in the coming years.
