45244, Cincinnati, OH

The 45244 zip code of Cincinnati, OH is a suburban area located in southeast Ohio. The population of the zip code was 149,579 as of the 2010 census. The median home value in the zip code is $128,000.

Home equity is a key component of household wealth and has been shown to be an important predictor of financial stability and overall well-being. Home equity can provide families with a cushion against unexpected financial challenges, such as unemployment or medical expenses. Additionally, home equity can be used to finance other investments, such as vehicles or retirement accounts.

There are several factors that can influence home values in a given area. These include local economic conditions (e.g., job growth or decline), housing stock availability (e.g., new construction or existing homes that have been remodeled), and interest rates (which affect borrowing costs). Over time, changes in any of these factors may lead to fluctuations in home values within a given area.

In recent years, there has been significant growth in the number of households owning their own homes outright (rather than using them as part of a mortgage). This trend is likely due to several factors: increased affordability due to low interest rates; increased access to credit; and improvements made by lenders in terms of lending criteria and underwriting processes. As a result, the percentage of households who own their homes outright has increased across all regions of the country over the past few decades. In fact, according to data from Zillow®, approximately 60%of households living in Cincinnati own their homes outright – one of the highest percentages among large U.S. cities."

The following table provides information on homeownership rates for ZIP codes within Cincinnati:

Given that homeownership rates are high within Cincinnati and there is little available housing stock for sale (due mainly to recent development), it is no surprise that home prices have risen significantly over the past few years relative to other areas within southeastern Ohio." According to data from Zillow®, "the average price per square foot for properties sold inside ZIP codes 45236-45243 during 2017 was $142 – more than double what it was just five years earlier ($68)." This increase has led some residents within this area to experience significant increases in their household incomes relative to others nearby who do not own their homes outright."

While there are many factors that contributeto changesinhomevaluesinanygivenareaovertime(elders leaving estates unpaid;newly constructed housing not being absorbed into market supply),interestratesareoneofthemostimportantfactorsinfluencinghomeequityvaluesinthesoutheastUnitedStatesand Cincinnatiisnoexception.(As notedabove,)accordingtothedatafromZillow®,"theaveragepricepersquarefootfortpropertiessoldinsideZIPcodes45236-45243during2017was$142 – morethandoublewhatitwasjustfiveyearsearlier($68)."SincemortgagesaccountforalargerpercentageofhouseholdassetsinthesoutheastUSthantheydoinotherpartsofthecountry(approximately35%),thisincreaseinchargeonhomevalueshasledtoalargedangerofhomes becomingunaffordableforthemajorityoftHousingunitownersinthesoutheastUS.(Formoreinformationonthistopicpleasesee"WhatAreSomeOfTheRisks Associated With High Home Values?")