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Average Home Values and Ownership in Zip Code 43214: A Decade of Growth in Columbus, Ohio
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 43214, located in Columbus, Ohio, has experienced significant shifts in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing property values and rental costs, alongside fluctuations in the balance between owner-occupied and renter-occupied housing.
The ownership percentage in zip code 43214 has shown slight fluctuations over the years, with a general downward trend. In 2013, the homeownership rate stood at 65%, but by 2022, it had decreased to 63%. During this same period, average home prices in the area saw a substantial increase. In 2013, the average home price was $195,519, and by 2022, it had risen to $375,978, representing a remarkable 92.3% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents in the area.
The relationship between federal interest rates and homeownership rates in zip code 43214 follows a generally expected pattern. For instance, in 2013, when interest rates were at a low 0.11%, the homeownership rate was at its peak of 65%. As interest rates began to rise in subsequent years, reaching 1.68% in 2022, the homeownership rate declined slightly to 63%. This trend aligns with the principle that lower interest rates typically encourage homeownership due to more affordable financing options.
Regarding rental trends, the percentage of renters in zip code 43214 has shown a slight increase over time, rising from 35% in 2013 to 37% in 2022. Correspondingly, average rent prices have also increased significantly. In 2013, the average rent was $933, and by 2022, it had risen to $1,056, representing a 13.2% increase. The population in the zip code has remained relatively stable during this period, fluctuating between 27,000 and 28,000 residents. This stability in population, coupled with rising rent prices, suggests a growing demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 43214 continued to rise in 2023, reaching $387,429. In 2024, it further increased to $404,842, showing a steady upward trend in property values. Interestingly, federal interest rates also saw a significant increase, rising from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the average home prices in the area have continued to appreciate.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in zip code 43214 will continue to rise, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. These projections are based on the consistent upward trends observed in both home values and rental costs over the past decade.
In summary, zip code 43214 has demonstrated a clear trend of increasing property values and rental costs, with a slight shift towards more renter-occupied housing. The area has shown resilience in terms of property appreciation, even in the face of rising interest rates. The continued growth in both home prices and rents suggests a strong and persistent demand for housing in this Columbus, Ohio neighborhood, potentially driven by its desirable location or local economic factors.
