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Average Home Values and Ownership in Zip Code 43351: Upper Sandusky's Agricultural Heritage Meets Rising Real Estate Trends
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 43351, located in Upper Sandusky, Ohio, presents an interesting case study of housing dynamics in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates and notable changes in average home and rent prices. The overall trend shows a slight increase in homeownership, coupled with significant growth in average home values and moderate changes in average rent prices.
Examining the relationship between homeownership rates and average home prices reveals some interesting trends. In 2013, the homeownership rate was 71% with an average home price of $113,032. By 2022, the homeownership rate had increased to 74%, while the average home price rose substantially to $182,034. This represents a 61% increase in average home prices over a nine-year period, coinciding with a 3 percentage point increase in homeownership. The most dramatic rise in home prices occurred between 2019 and 2022, with a 34.5% increase from $135,315 to $182,034, despite only a slight increase in homeownership from 71% to 74%.
Federal interest rates appear to have influenced homeownership rates in this zip code. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership remained stable at 69-71%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 67% in 2017, but it recovered to 71% by 2019. Interestingly, the highest homeownership rate of 74% was observed in 2022, despite a higher interest rate of 1.68%, suggesting other factors may have been at play.
Renter percentages and average rent prices have shown some correlation, but with less dramatic changes compared to home prices. In 2013, 29% of residents were renters, with an average rent of $656. This percentage increased to 33% by 2017, coinciding with a rise in average rent to $711. However, by 2022, the renter percentage had decreased to 26%, while the average rent dropped slightly to $648. The population of the zip code has remained relatively stable throughout this period, fluctuating between 10,000 and 10,500 residents, which suggests that changes in rental trends were not primarily driven by population shifts.
In 2023 and 2024, the housing market in zip code 43351 continued to evolve. The average home price in 2023 reached $186,371, a 2.4% increase from 2022. In 2024, it further increased to $194,350, representing a 4.3% rise from 2023. This continued upward trend in home prices occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43351 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $220,000 to $230,000 by 2029. For rent prices, we expect a moderate upward trend, potentially reaching an average of $750 to $800 per month by 2029, assuming economic conditions remain relatively stable.
In summary, zip code 43351 has demonstrated a resilient housing market with increasing homeownership rates and substantial growth in average home values. The area has maintained a strong preference for homeownership, even in the face of rising home prices and fluctuating interest rates. Rental markets have shown more stability, with recent trends favoring homeownership. The continued rise in home prices, despite higher interest rates in recent years, suggests a strong local housing demand that may persist in the near future.
