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Average Home Values and Ownership in Zip Code 43123: Grove City's Decade of Growth
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
Grove City, Ohio, zip code 43123, is a thriving suburban area that has experienced significant growth and development over the past decade. This zip code has seen a consistent trend of high homeownership rates, averaging around 73% from 2013 to 2022, while average home prices and average rent prices have shown steady increases.
The homeownership rate in Grove City has remained relatively stable, fluctuating between 71% and 74% from 2013 to 2022. During this period, average home prices have shown a substantial increase. In 2013, the average home price was $138,291, which rose to $294,674 by 2022, representing a 113% increase over nine years. This trend suggests that despite rising home prices, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in homeownership trends in Grove City. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 71%. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), homeownership rates slightly increased to 73%, possibly due to residents securing homes before further rate increases. The low interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a slight uptick in homeownership to 74% in 2020, as lower financing costs may have encouraged more buyers to enter the market.
Renter percentages in Grove City have fluctuated slightly, ranging from 26% to 29% between 2013 and 2022. Average rent prices have shown a general upward trend during this period. In 2013, the average rent was $1,095, which increased to $1,246 by 2022, representing a 13.8% increase over nine years. This rise in rent prices, while significant, has been less dramatic than the increase in home prices. The population growth from 57,804 in 2013 to 65,019 in 2022 may have contributed to the upward pressure on both rent and home prices.
In 2023, the average home price in Grove City reached $306,109, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $317,215, while interest rates have slightly risen to 5.33%. These figures indicate a continuing trend of rising home values, even in the face of higher interest rates, suggesting strong demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in Grove City may continue to rise over the next five years, potentially reaching around $375,000 by 2029. Average rent prices are also expected to increase, possibly reaching approximately $1,450 by 2029. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, Grove City's zip code 43123 has demonstrated a resilient housing market characterized by consistently high homeownership rates and steadily increasing property values. The area has maintained its attractiveness to homeowners despite rising prices, with a growing population potentially driving demand for both owned and rented properties. The interplay between federal interest rates, home prices, and homeownership rates highlights the complex dynamics of the local real estate market, which has shown robust growth over the past decade and is poised for continued appreciation in the coming years.
