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Average Home Values and Ownership in Zip Code 43413: Jerry City's Resilient Housing Market
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
Jerry City, located in zip code 43413 in Ohio, presents an intriguing case study of housing trends in a small rural community. Over the past decade, this area has experienced fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic shifts and local demographic changes.
The homeownership rate in Jerry City has remained relatively stable, hovering around 80-85% between 2013 and 2022. However, there have been subtle shifts within this range. In 2013, the homeownership rate stood at 83%, peaking at 85% in 2014, before gradually declining to 80% by 2022. Concurrently, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $74,987, which steadily increased to $140,589 by 2022, representing an impressive 87.5% growth over nine years.
The relationship between federal interest rates and homeownership rates in Jerry City presents an interesting dynamic. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.4%), homeownership rates remained high, between 82-85%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, there was a slight decrease in homeownership rates, dropping to 80% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Jerry City have shown a slight increase over time, moving from 17% in 2013 to 20% in 2022. This shift corresponds with a general rise in average rent prices. In 2013, the average rent was $813, which increased to $1,029 by 2022, representing a 26.6% increase. It's worth noting that the population of Jerry City fluctuated during this period, peaking at 1,545 in 2016 before declining to 1,287 in 2022. This population change may have influenced the demand for rental properties and, consequently, rent prices.
As of 2024, the average home price in Jerry City has reached $156,043, continuing the upward trend observed in previous years. This represents an 11% increase from the 2022 average price of $140,589. The federal interest rate in 2024 stands at 5.33%, significantly higher than the 1.68% rate in 2022. Despite this substantial increase in interest rates, which typically correlates with decreased home buying activity, the average home prices in Jerry City have continued to rise.
Looking ahead, based on the observed trends, we can expect average home prices in Jerry City to continue their upward trajectory over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by the growing renter population and overall housing market appreciation. However, the rate of increase may moderate if population growth remains stagnant or declines further.
In summary, Jerry City has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in population and rising interest rates. The slight shift towards renting, coupled with increasing rent prices, suggests a changing dynamic in the local housing market. These trends reflect the complex interplay of demographic changes, economic factors, and broader housing market conditions in shaping the residential landscape of this small Ohio community.
