Loading Content...
Average Home Values and Ownership in Zip Code 43076: Harbor Hills's Housing Market Dynamics
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 43076, located in Harbor Hills, Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a steady increase in owner-occupied housing units, coupled with fluctuating average home and rent prices.
The ownership percentage in zip code 43076 has shown a consistent upward trend from 2013 to 2022. In 2013, 74% of housing units were owner-occupied, and this figure rose steadily to reach 87% by 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $147,801, and by 2022, it had nearly doubled to $283,518. This positive correlation suggests that despite rising prices, more residents were able to purchase homes, possibly due to factors such as increased local economic prosperity or favorable mortgage conditions.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2015, interest rates remained below 0.15%, coinciding with a period of increasing homeownership in the area. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, homeownership continued to grow, albeit at a slower pace. This suggests that while low interest rates initially spurred homeownership, other factors such as local economic conditions and housing demand continued to support the trend even as rates increased.
Conversely, the percentage of renter-occupied housing units in zip code 43076 has decreased over time. In 2013, 19% of units were renter-occupied, dropping to 13% by 2022. Interestingly, average rent prices have not followed a consistent trend. They peaked at $963 in 2017 before declining to $866 in 2022. This decrease in both renter percentage and average rent prices could indicate a shift in local housing preferences towards homeownership, possibly driven by the area's economic conditions or demographic changes.
In 2023 and 2024, the housing market in zip code 43076 continued to evolve. The average home price rose to $306,200 in 2023 and further increased to $320,242 in 2024. This represents a significant jump from the 2022 average of $283,518. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the 1.68% rate in 2022. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 43076 may continue to rise, potentially reaching around $375,000 by 2029 if the current growth rate persists. However, this growth might slow down due to higher interest rates, potentially stabilizing prices. Average rent prices, which have been more volatile, could stabilize or see modest increases, potentially reaching around $900-$950 by 2029.
In summary, zip code 43076 has experienced a significant shift towards homeownership over the past decade, with a corresponding increase in average home prices. Despite rising interest rates, the area has maintained strong homeownership growth. The rental market has contracted both in terms of occupancy and prices. Future trends will likely be influenced by the interplay between continued housing demand, economic conditions, and the impact of higher interest rates on home affordability.
