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Average Home Values and Ownership in Zip Code 43010: A Small Rural Community's Real Estate Trends
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 43010, located in Catawba, Ohio, is a small rural area with a population of just 15 residents as of 2022. This tight-knit community has experienced interesting trends in homeownership and housing prices over the past decade.
The ownership percentage in this zip code has remained relatively stable, with a slight increase from 80% in 2015 to 100% in 2022. This trend coincides with a steady rise in average home prices. In 2012, the average home price was $79,248, and by 2022, it had increased significantly to $142,161, representing a 79.4% growth over ten years. This substantial appreciation in home values may have contributed to the high rate of homeownership in the area.
Federal interest rates have played a role in homeownership trends. From 2012 to 2016, interest rates remained low, ranging from 0.09% to 0.4%, which likely supported the consistent homeownership rate of 80-83% during this period. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), the homeownership rate remained steady at 80-83%, suggesting that other local factors may have influenced housing decisions in this small community.
Renter percentages in zip code 43010 have been minimal, with data showing a 20% renter-occupied rate from 2015 to 2017, decreasing to 17% in 2018. Average rent prices have fluctuated over the years, with notable increases. In 2013, the average rent was $876, rising to $1,230 in 2017, a 40.4% increase in just four years. However, by 2021, the average rent had decreased to $1,011, possibly reflecting the shift towards complete homeownership in the area.
In 2023, the average home price in zip code 43010 reached $144,390, with federal interest rates at 5.02%. Moving into 2024, the average home price has continued to climb, reaching $156,051, while interest rates have slightly increased to 5.33%. This represents a significant 8.1% year-over-year increase in average home prices, despite the higher interest rate environment.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 43010 will continue to appreciate over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach approximately $180,000 to $190,000 by 2029. Rent prices, if any properties become available for rent, may increase in line with home values, potentially reaching an average of $1,200 to $1,300 per month in the same timeframe.
In summary, zip code 43010 has demonstrated a strong trend towards homeownership, with 100% owner-occupied homes as of 2022. Average home prices have shown consistent appreciation, nearly doubling over the past decade. The community's shift from a mix of owners and renters to full homeownership, coupled with rising property values, suggests a stable and potentially desirable local real estate market, despite its small size.
