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Average Home Values and Ownership in Zip Code 43502: Archbold'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 43502, located in Archbold, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a generally high rate of homeownership, with average home prices showing a consistent upward trend.
The ownership percentage in zip code 43502 has fluctuated but generally increased from 2013 to 2022. In 2013, the homeownership rate was 74%, which rose to 79% by 2022. This upward trend coincided with a significant increase in average home prices. In 2013, the average home price was $125,129, which steadily climbed to $207,262 by 2022, representing a 65.6% increase over this period. Notably, the sharpest rise in homeownership occurred between 2019 and 2020, jumping from 78% to 81%, while average home prices increased from $160,337 to $169,374 during the same period.
Federal interest rates have played a role in homeownership trends in this area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the overall increase in homeownership rates, likely due to more affordable financing options. The homeownership rate peaked at 81% in 2020 when the federal interest rate was at a low 0.38%.
Renter percentages in zip code 43502 have generally decreased as homeownership rates increased. In 2013, the renter percentage was 26%, which decreased to 21% by 2022. Average rent prices have shown some fluctuation but overall remained relatively stable. In 2013, the average rent was $640, which increased to $765 in 2015, but then decreased to $659 by 2022. The population of the area has also fluctuated, dropping from 7,390 in 2013 to 7,179 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, average home prices in zip code 43502 continued their upward trajectory. The average home price reached $213,136 in 2023 and further increased to $223,301 in 2024. This represents a 7.7% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 43502 may continue to rise over the next five years, potentially reaching around $250,000 by 2029. However, the rate of increase might slow down due to higher interest rates. Average rent prices, which have been relatively stable, may see moderate increases, potentially reaching around $700-$750 by 2029.
In summary, zip code 43502 has demonstrated a strong trend towards homeownership, with rates increasing from 74% to 79% between 2013 and 2022. This trend has been accompanied by a substantial rise in average home prices, from $125,129 to $223,301 between 2013 and 2024. While rental percentages have decreased, average rent prices have remained relatively stable. The area's housing market has shown resilience and growth, with continued price appreciation expected in the coming years, albeit potentially at a more moderate pace due to rising interest rates.
