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Zip Code 45648: Rising Home Values and Strong Ownership in Lucasville, 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
Lucasville, located in zip code 45648 in Ohio, presents an interesting case study in homeownership and real estate trends. This area has seen notable fluctuations in both population and housing market dynamics over the past decade. Overall, the community has maintained a high rate of homeownership while experiencing significant growth in average home prices and rent costs. The homeownership rate in Lucasville has remained relatively stable, with a slight upward trend from 2013 to 2022. In 2013, 75% of residents were homeowners, and this figure increased to 78% by 2022. During this same period, average home prices saw substantial growth. In 2013, the average home price was $100,260, which climbed steadily to reach $151,976 by 2022, representing a 51.6% increase over nine years. This trend suggests that despite rising home values, Lucasville has maintained its appeal to homeowners.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the steady homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a slight increase in homeownership from 78% to 79%, possibly due to residents securing mortgages before further rate increases.
Renter percentages in Lucasville have remained relatively low, fluctuating between 20% and 25% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $626, which decreased to $561 by 2016. However, rent prices then began an upward trajectory, reaching $767 by 2022, a 22.5% increase from 2013. This trend occurred despite a slight decrease in population from 12,118 in 2013 to 11,606 in 2022, suggesting that other factors, such as housing supply or local economic conditions, may have influenced rent prices.
Looking at more recent data, the average home price in Lucasville continued to rise, reaching $155,369 in 2023 and $160,840 in 2024. This represents a 5.8% increase from 2022 to 2024. Concurrently, federal interest rates have climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lucasville will continue to rise, potentially reaching around $185,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a continued increase, potentially reaching an average of $900 per month by 2029, assuming the trend of the past few years continues.
In summary, Lucasville has demonstrated resilience in maintaining high homeownership rates despite significant increases in average home prices. The area has experienced volatile rent prices, with a general upward trend in recent years. The interplay between federal interest rates, home prices, and homeownership rates highlights the complex dynamics of the local real estate market. As we look to the future, the community is likely to see continued growth in both home values and rent prices, which may present challenges and opportunities for residents and potential newcomers alike.
