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Zip Code 45844: Rising Home Values and Stable Ownership in Ottoville, 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 45844, which encompasses Ottoville in Ohio, presents an interesting case study in homeownership and housing market trends. This rural area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing steady growth. The community has experienced some fluctuations in population, which have influenced housing dynamics.
The homeownership rate in zip code 45844 has remained remarkably stable, hovering around 88% for most of the observed period. In 2013, 90% of residents were homeowners, slightly decreasing to 88% by 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2010, the average home price was $145,213, rising to $246,908 by 2022, representing a substantial 70% increase over 12 years. This trend suggests a strong local housing market and continued demand for homeownership despite rising prices.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%, which likely contributed to the sustained high levels of homeownership in zip code 45844. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained stable, indicating the area's resilience to moderate interest rate increases.
The rental market in zip code 45844 has shown some variability, with the percentage of renters fluctuating between 10% and 17% from 2013 to 2022. Average rent prices have also experienced ups and downs. In 2013, the average rent was $719, peaking at $845 in 2015, before settling at $731 in 2022. These fluctuations in rent prices and renter percentages suggest a dynamic rental market, possibly influenced by changes in local economic conditions and population shifts.
Looking at the most recent data, average home prices in zip code 45844 continued to rise, reaching $252,156 in 2023 and $259,919 in 2024. This represents a 5.3% increase from 2022 to 2024, indicating ongoing appreciation in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this area appears to be maintaining its strength.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45844 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $290,000 to $310,000, assuming a moderate annual growth rate of 2-3%. Average rent prices are expected to follow a similar upward trajectory, potentially reaching $950 to $1,000 per month by 2029, based on historical trends and accounting for inflation.
In summary, zip code 45844 demonstrates a robust and stable housing market characterized by high homeownership rates and steadily increasing average home prices. The area has shown resilience to interest rate fluctuations, maintaining strong homeownership levels even as rates have risen. The rental market, while smaller, shows adaptability to local economic conditions. As we look to the future, the housing market in this zip code is poised for continued growth, with both home prices and rents expected to increase moderately over the next five years.
