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Zip Code 45760: Stable Homeownership and Rising Home Values in Middleport, 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 45760, encompassing Middleport in Ohio, presents an intriguing landscape of homeownership and rental dynamics. This area has experienced fluctuations in ownership percentages, average home prices, and average rent costs over the past decade. The community has shown resilience in maintaining a relatively stable population while navigating economic shifts that have influenced housing trends.
Homeownership rates in zip code 45760 have shown slight variations over the years, with a general trend towards stability. In 2013, the ownership rate stood at 68%, and by 2022, it had decreased slightly to 65%. During this period, average home prices demonstrated notable volatility. Starting at $59,987 in 2013, prices climbed to a peak of $65,571 in 2014 before experiencing a significant decline to $49,662 in 2017. However, the market rebounded strongly, with average home prices reaching $74,303 in 2022, representing a 24.3% increase from 2013 levels.
The relationship between federal interest rates and homeownership rates in this area shows some correlation. As interest rates remained historically low between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable, fluctuating between 65% and 70%. This stability in ownership rates during periods of low interest rates suggests that other factors, such as local economic conditions or housing supply, may have played a significant role in homeownership decisions in this zip code.
Renter percentages in zip code 45760 have shown a slight increase over time, moving from 33% in 2013 to 35% in 2022. Concurrently, average rent prices have risen steadily, starting at $467 in 2013 and reaching $591 in 2022, representing a 26.6% increase. This upward trend in rent prices occurred despite fluctuations in the local population, which decreased from 3,399 in 2013 to 3,021 in 2022. The consistent rise in rent prices, even with a declining population, suggests a tightening rental market or improvements in rental property quality.
Looking at the most recent data, average home prices in zip code 45760 experienced a slight decline to $70,005 in 2023, followed by a modest increase to $70,996 in 2024. This recent trend occurs against the backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher rates may contribute to a cooling effect on home price appreciation in the area.
Applying predictive models to forecast 5-year trends, we anticipate a moderate increase in average home prices, potentially reaching around $80,000 by 2029. Average rent prices are expected to continue their upward trajectory, possibly approaching $650 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, zip code 45760 has demonstrated resilience in its housing market despite population fluctuations. The most significant discoveries include the strong recovery of average home prices since 2017, the steady increase in average rent prices, and the relative stability of homeownership rates. The area has shown an ability to maintain a balance between ownership and rental markets, adapting to changing economic conditions. Moving forward, the housing market in this zip code is poised for modest growth, with both home prices and rents expected to continue their upward trends, albeit at a more moderate pace given the current higher interest rate environment.
