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Zip Code 45742: Rising Home Values and High Ownership Rates in Little Hocking, 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
Little Hocking, located in zip code 45742 in Ohio, is a small community that has experienced notable changes in homeownership rates and housing prices over the past decade. This area has maintained a high rate of homeownership, with average home prices showing a steady upward trend, while average rent prices have fluctuated.
The homeownership rate in Little Hocking has remained consistently high, ranging from 82% to 90% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2010, the average home price was $113,936, and by 2022, it had increased to $200,293, representing a 75.8% increase over 12 years. This steady rise in home values coincided with the area's stable and high homeownership rates, suggesting a strong local housing market.
Federal interest rates have played a role in homeownership trends in Little Hocking. From 2010 to 2015, when interest rates were historically low (ranging from 0.09% to 0.18%), homeownership rates remained high at around 85-86%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates actually increased to 90%, indicating a resilient local housing market despite rising borrowing costs.
Renter percentages in Little Hocking have remained relatively low, fluctuating between 10% and 17% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $980, which decreased to $645 in 2017, before rising again to $997 in 2021. By 2022, the average rent had settled at $816. These fluctuations in rent prices did not seem to significantly impact the renter population, which remained relatively stable throughout this period.
In 2023 and 2024, the housing market in Little Hocking continued its upward trajectory, with average home prices reaching $202,132 in 2023 and $204,200 in 2024. This represents a modest but steady increase from 2022 prices. Notably, federal interest rates have risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Little Hocking will likely continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $220,000 to $230,000 by 2029. Average rent prices may also see a moderate increase, potentially reaching $900 to $1,000 per month in the same timeframe, assuming the local economy remains stable and housing demand continues.
In summary, Little Hocking has maintained a strong homeownership market with steadily increasing average home prices over the past decade. Despite fluctuations in average rent prices and rising interest rates, the area has sustained high homeownership rates. The community's resilience in maintaining these trends suggests a stable and desirable housing market, likely to continue its upward trajectory in both home values and rent prices in the coming years.
