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Zip Code 45750: Average Home Values and Ownership Trends in Marietta, 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 45750, which encompasses Marietta in Ohio, presents an interesting case study in homeownership and rental trends over the past decade. This area has experienced notable shifts in population, housing prices, and occupancy rates, reflecting broader economic and social changes in the region.
The homeownership rate in zip code 45750 has shown some fluctuation over the years, with a general trend of decline followed by a recent uptick. In 2013, the homeownership rate stood at 69%, but it gradually decreased to 64% by 2019. However, there has been a reversal in this trend since 2020, with the homeownership rate rising back to 68% in 2022. This shift coincides with significant changes in average home prices. The average home price in the area has seen a steady increase, rising from $114,538 in 2013 to $183,994 in 2022, representing a substantial 60.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2019, as interest rates gradually increased from 0.11% to 2.16%, homeownership rates declined. However, the sharp drop in interest rates to 0.38% in 2020 coincided with a reversal in the homeownership trend, rising from 64% to 66%. This aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in zip code 45750 have also shown notable trends. The percentage of renters increased from 31% in 2013 to a peak of 36% in 2019, before declining back to 32% in 2022. Average rent prices have generally trended upward, rising from $664 in 2013 to $749 in 2022, an increase of about 12.8%. It's worth noting that the population in this zip code has been steadily decreasing, from 25,955 in 2013 to 24,243 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 45750 slightly decreased to $183,697 in 2023 but is projected to increase to $184,796 in 2024. This comes amidst a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homeownership trends in the coming years.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate due to higher interest rates. Average rent prices are likely to continue their upward trajectory, possibly accelerating if homeownership becomes less accessible due to higher financing costs.
In summary, zip code 45750 has experienced a resurgence in homeownership rates in recent years, despite rising home prices. The rental market has seen moderate growth in prices, with fluctuations in the renter population percentage. The interplay between interest rates, home prices, and occupancy rates will be crucial in shaping the housing landscape of this area in the coming years.
