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Average Home Values and Ownership in Zip Code 43102: Amanda's Rural 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 43102, located in Amanda, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in the rental market.
The ownership percentage in zip code 43102 has shown a significant upward trend, rising from 74% in 2016 to 84% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2016, the average home price was $161,040, which steadily increased to $273,701 by 2022, representing a 70% increase over six years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2016 to 2022 saw relatively low interest rates, ranging from 0.4% to 1.68%. These low rates likely contributed to the increasing homeownership rates by making mortgages more affordable for potential buyers. The sharp rise in homeownership from 78% in 2019 to 82% in 2020 coincides with a significant drop in interest rates from 2.16% to 0.38%, further illustrating this relationship.
The rental market in zip code 43102 has shown some volatility. The percentage of renters decreased from 22% in 2016 to 16% in 2022. Interestingly, average rent prices did not follow a consistent trend during this period. They fluctuated from $865 in 2016 to a peak of $917 in 2018, before dropping to $865 in 2022. This inconsistency in rent prices, coupled with the declining renter population, suggests a shift towards homeownership in the area, possibly driven by the attractive mortgage rates and the relative affordability of homes compared to renting.
In 2023 and 2024, the housing market in zip code 43102 continued to evolve. The average home price rose to $288,999 in 2023 and further increased to $302,305 in 2024, representing a 10.5% increase over two years. This growth occurred despite a significant rise in interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher rates might impact future homeownership trends, potentially slowing the rate of increase seen in previous years.
Looking ahead, predictive models suggest that average home prices in zip code 43102 may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to stabilize or increase moderately, reflecting the area's overall economic conditions and housing demand. However, if interest rates remain high, we might see a slight shift back towards renting, as higher mortgage costs could make homeownership less attainable for some residents.
In summary, zip code 43102 has experienced a significant increase in homeownership rates and average home prices from 2016 to 2022, likely driven by low interest rates and the relative affordability of homes. The rental market has shown some volatility, with decreasing renter percentages despite fluctuating rent prices. Recent data from 2023 and 2024 indicates continued growth in home prices, even as interest rates have risen substantially. These trends suggest a dynamic housing market in Amanda, Ohio, with potential for further evolution in the coming years.
