Loading Content...
Zip Code 45890: Rising Home Values and High Ownership Rates in Vanlue, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 45890, encompassing Vanlue in Ohio, presents an interesting case study in homeownership and housing market trends. This rural area has experienced significant fluctuations in its population and housing dynamics over the past decade. Overall, the area has maintained a high rate of homeownership, with average home prices steadily increasing and average rent prices showing volatility.
The homeownership rate in zip code 45890 has remained consistently high, ranging from 80% to 90% between 2013 and 2022. This trend coincides with a general increase in average home prices. In 2013, the average home price was $86,635, which rose steadily to $152,847 by 2022, representing a 76% increase over nine years. The peak of homeownership occurred in 2022 at 90%, corresponding with the highest average home price during this period.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1-0.4%. During this time, homeownership in the area increased from 82% to 88%. As interest rates began to rise more significantly from 2017 onwards, homeownership rates remained relatively stable, suggesting other local factors may have influenced the high rate of owner-occupied housing in this zip code.
Renter percentages in zip code 45890 have fluctuated inversely to homeownership rates, naturally. The percentage of renters decreased from 17% in 2013 to 9% in 2022. Interestingly, average rent prices did not consistently follow this downward trend in renter population. Average rent increased from $733 in 2013 to a peak of $1,056 in 2018, before decreasing to $813 in 2022. This volatility in rent prices, despite the decreasing renter population, could be attributed to changes in housing quality, local economic factors, or limited rental inventory.
In 2023 and 2024, average home prices in zip code 45890 continued their upward trajectory. The average home price reached $158,539 in 2023 and further increased to $168,164 in 2024, representing a 6% and 10% increase respectively from the 2022 figure. This rise occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow home price growth.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 45890 will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may stabilize or see modest increases as the rental market adjusts to the smaller renter population and overall housing market conditions.
In summary, zip code 45890 demonstrates a strong preference for homeownership, with consistently high rates despite fluctuations in population and housing prices. The area has seen substantial growth in average home values over the past decade, a trend that has persisted even in the face of rising interest rates. The rental market, while smaller, has shown resilience with average rent prices remaining relatively high despite a decreasing renter population.
