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Average Home Values and Ownership Fluctuate in Ohio's 43935 Zip Code: A Decade of Housing Market Dynamics
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 43935, located in Martins Ferry, Ohio, presents an intriguing case study of housing market dynamics in a small Midwestern city. Over the past decade, this area has experienced fluctuations in homeownership rates and notable changes in average home and rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 43935 has shown a gradual decline from 2013 to 2022. In 2013, 66% of residents owned their homes, while by 2022, this figure had decreased to 60%. Interestingly, this downward trend in homeownership coincided with a significant increase in average home prices. The average home price rose from $64,279 in 2013 to $97,678 in 2022, representing a substantial 52% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 43935. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 65% to 68%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a more pronounced decline in homeownership rates, dropping from 67% in 2017 to 60% in 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in zip code 43935 has grown as homeownership has declined. The percentage of renters increased from 34% in 2013 to 39% in 2022. This shift towards renting has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $655, which increased to $737 by 2022, representing a 12.5% rise. However, this increase was not linear, with rent prices peaking at $794 in 2021 before slightly decreasing in 2022. The population of the zip code has also declined during this period, from 9,167 in 2013 to 8,583 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in zip code 43935 slightly decreased from $97,678 in 2022 to $97,169 in 2023, and further declined to $95,707 in 2024. This recent downturn coincides with a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates likely contribute to the cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43935 may continue to experience moderate growth, albeit at a slower pace than observed in the previous decade. The recent slight decline in prices might be temporary, with prices potentially stabilizing and then gradually increasing again. For rent prices, we expect a continued upward trend, though the rate of increase may be more modest compared to recent years. These predictions are based on historical trends and current market conditions, including the impact of higher interest rates and local economic factors.
In summary, zip code 43935 has witnessed a shift towards renting, with homeownership rates declining as average home prices have increased substantially. The interplay between federal interest rates, housing affordability, and local population changes has significantly influenced these trends. Moving forward, the area is likely to see continued evolution in its housing market, with potential for moderate growth in both home prices and rent rates, shaped by broader economic conditions and local market dynamics.
