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Average Home Values and Ownership in Zip Code 43050: Mount Vernon's Dynamic Housing Market
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 43050, located in Mount Vernon, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its historical significance and charming small-town atmosphere, has seen a generally upward trend in homeownership and average home prices, with some fluctuations in rental rates and prices.
The homeownership rate in zip code 43050 has shown a gradual increase from 2013 to 2022. In 2013, the ownership rate stood at 64%, and by 2022, it had reached 65%. This modest rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $84,157, which steadily climbed to $206,502 by 2022, representing a remarkable 145% increase over this period. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $161,689 to $186,024, a 15% increase in just one year.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable, fluctuating between 62% and 66%. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends in this area than interest rates alone.
Rental trends in zip code 43050 have shown some variability. The percentage of renters decreased slightly from 36% in 2013 to 35% in 2022. Despite this minor decrease in the renter population, average rent prices have generally increased. In 2013, the average rent was $720, which rose to $862 by 2022, representing a 19.7% increase. However, there were some fluctuations, with the highest average rent of $882 recorded in 2020, followed by a slight decrease to $809 in 2021 before rising again in 2022.
Looking at the most recent data, the average home price in zip code 43050 continued its upward trajectory, reaching $215,436 in 2023 and $226,716 in 2024. This represents a further 9.8% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43050 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $275,000 to $300,000, assuming a moderate annual growth rate of 4-6%. Average rent prices are also expected to increase, potentially reaching $950 to $1,000 per month by 2029, based on historical trends and accounting for potential economic factors.
In summary, zip code 43050 has demonstrated resilience in its housing market, with steady increases in homeownership rates and substantial growth in average home prices over the past decade. The area has maintained a relatively stable balance between owners and renters, despite significant appreciation in property values. The recent spike in interest rates, coupled with continued home price growth, may present new challenges for potential homebuyers in the coming years, potentially affecting the long-term balance between ownership and rental rates in this Mount Vernon, Ohio community.
