Loading Content...
Zip Code 45775: Rising Home Values and Ownership Rates in Rural Ohio Village
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rutland, located in zip code 45775 in Ohio, has experienced significant shifts in its housing market over the past decade. This small community has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Rutland has shown a strong upward trend, increasing from 81% in 2013 to an impressive 92% in 2022. This substantial rise in homeownership coincides with fluctuations in average home prices. In 2011, the average home price was $68,562, which steadily increased to $85,890 by 2015. After a brief dip to $78,821 in 2018, prices surged again, reaching $114,290 in 2022. This represents a remarkable 66.7% increase in average home prices over the 11-year period.
The relationship between federal interest rates and homeownership rates in Rutland appears to follow the expected trend. As interest rates remained low between 2011 and 2015 (ranging from 0.1% to 0.13%), homeownership rates increased from 81% to 86%. The continued low interest rates through 2020 (dropping to 0.38%) likely contributed to the further rise in homeownership to 91%. Even as interest rates began to climb in 2022 (1.68%), the homeownership rate in Rutland maintained its high level at 92%, suggesting a strong local preference for homeownership.
Conversely, the percentage of renters in Rutland has decreased significantly, from 19% in 2013 to just 7% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $615, which increased to $804 by 2019. However, there was a notable drop to $702 in 2020, followed by a recovery to $791 in 2021. Interestingly, 2022 saw another decrease to $682, possibly reflecting the reduced demand for rentals as more residents became homeowners.
Looking at the most recent data, the average home price in Rutland slightly decreased to $113,112 in 2023 and then marginally increased to $113,351 in 2024. This relative stability in home prices comes despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Rutland may continue to show modest growth, potentially reaching around $120,000 by 2029. Average rent prices, which have been more volatile, could stabilize and potentially increase to approximately $750-$800 per month over the same period, assuming the current economic conditions and local market dynamics persist.
In summary, Rutland has experienced a significant increase in homeownership rates, rising from 81% to 92% between 2013 and 2022. This trend has been accompanied by a substantial increase in average home prices, from $68,562 in 2011 to $114,290 in 2022. The rental market has seen a decline in the percentage of renters, yet average rent prices have generally trended upwards, albeit with some fluctuations. The recent stability in home prices, coupled with rising interest rates, suggests that the local housing market may be entering a period of consolidation after years of growth.
