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Zip Code 45767: Average Home Values and Ownership Trends in Rural 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 45767, located in Matamoras, Ohio, presents an interesting case study of homeownership and rental trends in a small, rural community. Over the past decade, this area has experienced fluctuations in both homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 45767 has shown notable variations between 2013 and 2022. In 2013, the homeownership rate stood at 74%, and it reached its peak of 79% in 2019. However, by 2022, it had decreased to 67%. Concurrently, average home prices in the area have generally trended upward. In 2013, the average home price was $73,780, and it steadily increased to reach $124,223 by 2022, representing a significant 68% increase over this period. This trend suggests that while home values have appreciated, affordability may have become a challenge for some residents, potentially contributing to the decline in homeownership rates in recent years.
Federal interest rates have played a role in shaping homeownership trends in zip code 45767. For instance, the period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained relatively stable, hovering around 74%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership rates, dropping to 67% by 2022. This correlation aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 45767 have inversely mirrored homeownership trends. The proportion of renters increased from 21% in 2019 to 33% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $500, which decreased to $438 in 2016 before rising again to $551 in 2019. By 2022, the average rent had slightly decreased to $503. The population of the area has also fluctuated, with 2,627 residents in 2019 increasing to 2,646 in 2022. These changes in population, coupled with economic factors, may have influenced the demand for rental properties and subsequently affected rent prices.
In 2023 and 2024, we observe some interesting developments in the housing market of zip code 45767. The average home price in 2023 was $118,856, showing a slight decrease from the 2022 figure. However, in 2024, the average home price increased to $123,282, indicating a recovery in the market. Notably, federal interest rates have risen significantly during this period, 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.
Looking ahead, we can anticipate continued fluctuations in the housing market of zip code 45767. Based on historical trends and current economic conditions, we predict that average home prices may continue to rise moderately over the next five years, potentially reaching around $135,000 by 2029. However, this growth may be tempered by higher interest rates. Average rent prices are also expected to increase, possibly reaching $575 by 2029, driven by demand for rental properties and overall economic factors.
In summary, zip code 45767 has experienced significant changes in homeownership rates, average home prices, and rental trends over the past decade. The interplay between federal interest rates, local economic conditions, and population changes has shaped these trends. Moving forward, the area is likely to see continued evolution in its housing market, with potential challenges in affordability balanced against the appreciation of home values.
