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Average Home Values and Ownership in Zip Code 43147: A Decade of Growth and Stability
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 43147, located in Pickerington, Ohio, has experienced significant growth and changes in its real estate landscape over the past decade. This area has seen a steady increase in population, rising from 37,204 in 2010 to 45,784 in 2022, indicating its appeal as a residential destination. The ownership percentage has remained relatively stable, while average home prices and average rent prices have shown notable trends.
The homeownership rate in zip code 43147 has fluctuated slightly but remained consistently high, ranging from 80% to 84% between 2013 and 2022. Interestingly, as average home prices increased, the homeownership rate showed resilience. For instance, in 2013, the homeownership rate was 83% with an average home price of $185,267. By 2022, despite the average home price rising to $373,044, the homeownership rate remained strong at 84%. This suggests that the area's residents have maintained their ability to purchase homes despite rising prices.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were at historic lows (0.11% to 0.40%), the homeownership rate remained stable at around 81-83%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 80% in 2017, but it rebounded to 82% by 2019. The COVID-19 pandemic brought interest rates back down to near-zero levels in 2020 and 2021, coinciding with an increase in homeownership to 84% in 2020.
Renter percentages in zip code 43147 have remained relatively low, fluctuating between 16% and 18% from 2013 to 2022. Average rent prices have shown an overall upward trend, increasing from $1,380 in 2013 to $1,480 in 2022. However, this increase has not been linear. For example, average rent peaked at $1,511 in 2021 before slightly decreasing to $1,480 in 2022. The stability in renter percentages despite rising rent prices suggests that the rental market in this area remains competitive and attractive to a consistent portion of the population.
In 2023 and 2024, the real estate market in zip code 43147 continued to evolve. The average home price reached $385,170 in 2023 and further increased to $395,358 in 2024. This represents a significant jump from the 2022 average of $373,044. Concurrently, federal interest rates rose sharply 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 affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 43147 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the area's growing population and sustained demand for housing. However, the rate of increase may be tempered by economic factors and housing supply adjustments.
In summary, zip code 43147 has demonstrated a robust and resilient real estate market characterized by high homeownership rates, steadily increasing average home prices, and a stable rental market. The area has maintained its attractiveness to both homeowners and renters despite rising prices, suggesting a strong local economy and desirable living conditions. As interest rates and home prices continue to evolve, it will be crucial to monitor how these factors influence the balance between homeownership and renting in this dynamic Ohio community.
