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Average Home Values and Ownership in Zip Code 43524: Rural Ohio's Real Estate Dynamics
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 43524, located in Hamler, Ohio, presents an interesting case study in rural housing dynamics. This small community has experienced notable fluctuations in homeownership rates and housing prices over the past decade. The area has maintained a high percentage of owner-occupied homes, while average home prices have shown a significant upward trend in recent years.
The homeownership rate in zip code 43524 has remained relatively stable, with some minor fluctuations. In 2013, the area boasted an impressive 89% homeownership rate. This figure slightly decreased to 79% by 2016 but rebounded to 82% in 2022. Interestingly, as the homeownership rate experienced these minor shifts, average home prices in the area saw a substantial increase. From 2017 to 2022, average home prices rose from $101,070 to $156,010, representing a 54.4% increase over five years.
Federal interest rates appear to have influenced homeownership rates in the area, albeit with a slight lag. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in the zip code increased from 80% to 83%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 43524 have shown an inverse relationship to homeownership rates, as expected. The percentage of renters increased from 11% in 2013 to a peak of 22% in 2018, before settling at 18% in 2022. Average rent prices have fluctuated over the years, with notable increases and decreases. In 2013, the average rent was $684, which rose to $859 in 2018, coinciding with the peak in renter percentage. However, by 2022, the average rent had decreased to $675, possibly influenced by the area's declining population, which fell from 1,220 in 2010 to 1,075 in 2022.
Looking at the most recent data, average home prices in zip code 43524 reached $154,472 in 2023 and further increased to $162,348 in 2024. This represents a 5.1% increase from 2023 to 2024, indicating a continued upward trend in home values. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 43524 to continue their upward trajectory, potentially reaching around $190,000 by 2029. This projection is based on the consistent growth observed in recent years. Average rent prices, however, may see more modest increases, potentially stabilizing around $750-$800 per month, considering the area's population trends and recent fluctuations in rental rates.
In summary, zip code 43524 has maintained a high homeownership rate despite some fluctuations, while experiencing significant growth in average home prices. The inverse relationship between homeownership and renter percentages is evident, with rental rates showing more volatility compared to the steadier increase in home values. The area's declining population may continue to influence housing market dynamics, potentially tempering rent increases while home values continue to appreciate.
