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Average Home Values and Ownership in Zip Code 43469: Woodville'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
Zip code 43469, located in Woodville, Ohio, presents an interesting case study of homeownership and housing market trends. This area has experienced fluctuations in both ownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising property values. The ownership percentage in zip code 43469 has shown a slight increase over time, moving from 75% in 2020 to 81% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $123,191, which steadily increased to $191,695 by 2022, representing a 55.6% increase over nine years. The relationship between ownership rates and home prices suggests that despite rising costs, more residents in this area are choosing to become homeowners.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 43469. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained stable at around 80%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight dip in homeownership to 75% in 2020 before rebounding to 81% in 2022. This resilience in homeownership despite rising interest rates indicates strong local demand for housing in the area.
Renter percentages in zip code 43469 have fluctuated inversely to ownership rates, decreasing from 25% in 2017 to 19% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $680, which increased to $757 in 2018, before dropping to $651 in 2022. This decline in average rent prices, coupled with the decrease in renter percentages, suggests a shift towards homeownership in the area, possibly driven by the rising home values making property ownership an attractive investment.
In 2023 and 2024, the housing market in zip code 43469 continued its upward trajectory. The average home price reached $200,166 in 2023 and further increased to $210,659 in 2024, representing a 5.2% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. The continued appreciation in home values, even in a high-interest rate environment, indicates strong demand and potential supply constraints in the local housing market.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower pace due to the higher interest rate environment. Average rent prices are expected to stabilize and potentially increase moderately, reflecting the overall housing demand in the area. The homeownership rate is projected to remain relatively high, possibly fluctuating between 75% and 85%, as the local market balances between the appeal of homeownership and the challenges posed by rising home prices and interest rates.
In summary, zip code 43469 has demonstrated a robust housing market characterized by increasing homeownership rates and steadily rising property values. The area has shown resilience to interest rate fluctuations, with a consistent trend towards homeownership. The interplay between ownership rates, home prices, and rent prices reflects a dynamic local real estate market that has favored property ownership over renting in recent years. As the market continues to evolve, it will be crucial to monitor how these trends develop, particularly in light of the current high-interest rate environment and its potential impact on housing affordability and homeownership rates.
