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Average Home Values and Ownership in Zip Code 43456: A Lakeside Community's Real Estate Boom
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 43456, located in Put-in-Bay, Ohio, is a small but dynamic area with a population of 329 as of 2022. This charming lakeside community has experienced significant shifts in homeownership rates and property values over the past decade. From 2013 to 2022, the area saw a remarkable increase in homeownership, rising from 77% to 95%, while average home prices surged from $253,641 to $425,247 during the same period.
The relationship between homeownership rates and average home prices in zip code 43456 shows a strong positive correlation. As homeownership increased from 77% in 2013 to 95% in 2022, average home prices rose steadily from $253,641 to $425,247, representing a 67.6% increase. This trend suggests that growing demand for homeownership in the area has driven up property values. Notably, the most significant jump in homeownership occurred between 2016 and 2017, increasing from 83% to 87%, coinciding with a 4.7% increase in average home prices from $281,842 to $295,030.
Federal interest rates have played a role in homeownership trends in the area. The period of low interest rates from 2013 to 2021, averaging below 1%, corresponded with the steady increase in homeownership rates. As interest rates remained low, financing became more accessible, potentially contributing to the rise in homeownership from 77% in 2013 to 93% in 2021.
The rental market in zip code 43456 has experienced significant changes as homeownership rates increased. The percentage of renters decreased from 23% in 2013 to just 4% in 2022. Despite this decline, average rent prices have shown a general upward trend, rising from $537 in 2013 to $1,750 in 2022, a 226% increase. This substantial rise in rent prices, despite the decreasing renter population, may indicate a scarcity of rental properties or an increase in the quality of available rentals.
In 2023, the average home price in zip code 43456 reached $440,639, continuing the upward trend seen in previous years. The federal interest rate for 2023 was 5.02%, marking a significant increase from the previous year. As of 2024, the average home price has further increased to $469,823, while the federal interest rate has risen slightly to 5.33%. These figures indicate a continued growth in property values despite higher borrowing costs.
Applying predictive models based on historical trends, we can forecast that average home prices in zip code 43456 may continue to rise over the next five years, potentially reaching around $550,000 by 2029. Average rent prices, following their historical volatility, could stabilize around $2,000 per month, assuming the current trends in homeownership and limited rental inventory persist.
The most significant discoveries in zip code 43456 include the dramatic increase in homeownership rates from 77% to 95% between 2013 and 2022, coupled with a 67.6% rise in average home prices during the same period. The rental market has shrunk considerably, yet average rent prices have more than tripled. These trends suggest a strong preference for homeownership in the area, potentially driven by the area's desirability and the long period of low interest rates. As property values continue to rise and interest rates increase, it will be crucial to monitor how these factors impact the local real estate market and community dynamics in the coming years.
