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Average Home Values and Ownership in Zip Code 43533: Rising Prices and Shifting Trends in Lyons, Ohio
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 43533, located in Lyons, Ohio, has experienced notable shifts in its housing market dynamics over the past decade. This area has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 43533 has shown a decreasing trend over time, dropping from 86% in 2013 to 69% in 2022. This decline in homeownership corresponds with a substantial increase in average home prices. In 2013, the average home price was $107,896, which steadily rose to $188,736 by 2022, representing a 75% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 86%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
As homeownership rates decreased, the percentage of renters in zip code 43533 increased from 12% in 2013 to 31% in 2022. Interestingly, despite this rise in renter population, average rent prices have shown a downward trend. The average rent peaked at $886 in 2013 and steadily decreased to $621 in 2022, a 30% reduction. This decline in average rent prices, despite increased demand, could be attributed to various factors such as increased housing supply or economic conditions affecting the local rental market.
In 2023 and 2024, the housing market in zip code 43533 continued to evolve. The average home price rose to $194,714 in 2023 and further increased to $209,769 in 2024, indicating a continued upward trend in property values. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and market dynamics in the area.
Looking ahead, predictive models suggest that average home prices in zip code 43533 are likely to continue their upward trajectory over the next five years, potentially reaching around $250,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices, which have been declining, are expected to stabilize and potentially see a modest increase, possibly reaching around $650-$700 per month by 2029, as the rental market adjusts to changing demand and economic conditions.
In summary, zip code 43533 has experienced a significant shift from homeownership to renting, coupled with rising home prices and declining rent prices. The interplay between federal interest rates, housing affordability, and local economic factors has shaped these trends. As the area continues to evolve, it will be crucial to monitor how these dynamics impact the local housing market and community demographics in the coming years.
