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Zip Code 45620: Rising Home Values and Ownership Rates in Rural Cheshire, 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 45620, located in Cheshire, Ohio, has experienced significant fluctuations in population and homeownership rates over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have remained relatively high despite some variations. The ownership percentage in zip code 45620 has shown resilience, maintaining a consistently high level throughout the years. In 2013, the homeownership rate stood at 80%, and by 2022, it had increased to 84%. During this period, average home prices demonstrated a steady upward trend. In 2013, the average home price was $70,851, and by 2022, it had risen to $107,295, representing a substantial increase of 51.4% over nine years.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 80%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in zip code 45620 actually increased slightly to 84%. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 45620 have fluctuated inversely to homeownership rates, ranging from a high of 24% in 2014 to a low of 16% in 2022. Average rent prices have shown some volatility over the years. In 2013, the average rent was $751, peaking at $757 in 2015, before declining to $693 in 2022. This represents a 7.7% decrease in average rent prices from 2013 to 2022, despite the area's population growth from 1,136 in 2013 to 1,041 in 2022.
Moving to more recent data, the average home price in zip code 45620 continued its upward trajectory, reaching $111,129 in 2023 and further increasing to $118,548 in 2024. This represents a 10.5% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home prices in the area.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in zip code 45620 may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices, which have been relatively stable in recent years, may see modest increases as demand for rental properties could rise if higher interest rates make homeownership less accessible for some residents.
In summary, zip code 45620 has maintained a strong homeownership rate despite fluctuations in population and economic conditions. The area has seen significant appreciation in average home values, particularly in recent years, while average rent prices have remained relatively stable. The resilience of homeownership rates in the face of rising interest rates suggests a strong local housing market, though future trends may be influenced by broader economic factors and demographic shifts in the area.
