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Zip Code 45434: Rising Home Values and High Ownership Rates 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 45434 is located in Beavercreek, Ohio, and has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a high rate of owner-occupied housing, consistently above 89%, while experiencing significant growth in average home prices and fluctuations in average rent prices.
The ownership percentage in zip code 45434 has remained remarkably stable, with a slight increase from 89% in 2015 to 93% in 2022. During this same period, average home prices have shown a strong upward trend. In 2015, the average home price was $212,877, which steadily increased to $323,968 by 2022, representing a substantial 52.2% growth over seven years. This consistent rise in home values, coupled with the high and stable homeownership rate, suggests a strong and desirable housing market in the area.
Federal interest rates have played a role in homeownership trends in zip code 45434. From 2015 to 2021, interest rates remained relatively low, ranging from 0.13% to 1.83%. This period of low interest rates coincided with the area's high homeownership rates, as lower rates generally make mortgages more affordable and encourage home buying. The slight increase in homeownership from 89% to 93% between 2015 and 2022 aligns with this period of favorable borrowing conditions.
Renter percentages in zip code 45434 have remained low, corresponding inversely to the high homeownership rates. The percentage of renters decreased slightly from 11% in 2015 to 7% in 2022. Interestingly, average rent prices have shown some fluctuation during this period. In 2015, the average rent was $1,470, which increased to $1,514 in 2018 before declining to $1,435 in 2022. This represents a modest overall decrease of 2.4% in average rent prices from 2015 to 2022. The relatively stable and low renter population, combined with the fluctuating rent prices, suggests a limited but potentially competitive rental market in the area.
Looking at more recent data, the average home price in zip code 45434 continued to rise, reaching $338,604 in 2023 and $353,505 in 2024. This represents a further increase of 9.1% from 2022 to 2024. Simultaneously, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 45434 to continue their upward trajectory, potentially reaching around $400,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. For average rent prices, the forecast suggests a potential stabilization or modest increase, possibly reaching around $1,500 to $1,550 by 2029, assuming the rental market remains relatively small but stable.
In summary, zip code 45434 in Beavercreek, Ohio, demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has maintained a strong preference for owner-occupied housing despite rising property values. The rental market, while small, has shown resilience with relatively stable prices. The recent sharp increase in interest rates may influence future homebuying trends, but the strong local housing market fundamentals suggest continued stability and growth in property values.
