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Average Home Values and Ownership in Zip Code 43315: A Decade of Stability Amid Rising Prices
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 43315, located in Cardington, Ohio, presents an interesting case study of homeownership and housing market trends. This rural area has seen fluctuations in both population and housing dynamics over the past decade, with a generally high rate of homeownership and relatively affordable housing prices.
The ownership percentage in zip code 43315 has remained consistently high, ranging from 76% to 81% between 2013 and 2022. During this period, average home prices have shown a steady upward trend. In 2011, the average home price was $110,456, which increased to $244,729 by 2022, representing a significant 121.6% rise over 11 years. This substantial growth in home values occurred despite some fluctuations in the local population, which peaked at 7,925 in 2010 and decreased to 7,136 by 2022.
Federal interest rates have played a role in homeownership trends in the area. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates in zip code 43315 remained high, between 78% and 81%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates remained resilient, suggesting that other local factors may have supported continued high rates of owner-occupied housing.
Renter percentages in zip code 43315 have fluctuated between 19% and 24% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $846, which decreased to $761 by 2020, before increasing sharply to $896 in 2021 and then settling at $808 in 2022. These fluctuations in rent prices don't show a clear correlation with the percentage of renters, suggesting that local economic factors and housing supply may be influencing rental markets more than demand from renters alone.
Looking at the most recent data, average home prices in zip code 43315 continued to rise in 2023, reaching $248,583. However, there was a slight decrease to $246,929 in 2024, indicating a potential cooling of the market. This coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to the slight decline in home prices by potentially reducing buyer demand.
Based on the historical trends and recent data, we can project future housing market conditions for zip code 43315. Over the next five years, average home prices are likely to experience moderate growth, potentially reaching around $270,000 to $280,000 by 2029. This projection assumes a continuation of the overall upward trend, albeit at a slower pace due to higher interest rates. Average rent prices may continue to fluctuate but are expected to show a gradual upward trend, potentially reaching $850 to $900 per month by 2029.
In summary, zip code 43315 has maintained a high rate of homeownership despite significant increases in average home prices over the past decade. The area has shown resilience to changes in federal interest rates, maintaining strong homeownership levels even as rates have risen. Rent prices and renter percentages have been more volatile, reflecting local market conditions. The recent cooling in home prices, coupled with higher interest rates, suggests a potential shift in the market dynamics that will be important to monitor in the coming years.
