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Average Home Values and Ownership in Zip Code 43545: Napoleon's Evolving 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 43545, located in Napoleon, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively stable population, with a slight increase from 13,693 in 2020 to 14,368 in 2022, while witnessing significant changes in its real estate market dynamics.
The ownership percentage in this zip code has shown some fluctuation but has generally remained high. In 2013, the homeownership rate stood at 75%, which slightly decreased to 71% by 2020, before rebounding to 74% in 2022. This trend coincides with changes in average home prices, which have seen a substantial increase over the years. The average home price in 2010 was $111,310, and it steadily rose to $182,255 by 2022, representing a 63.7% increase over 12 years. This upward trend in home prices appears to have had a moderate impact on homeownership rates, as they remained relatively stable despite the price increases.
Federal interest rates have played a role in homeownership trends in zip code 43545. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained high, likely due to the affordability of mortgages. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight decline in homeownership rates, dropping from 76% in 2015 to 74% in 2022. This suggests that higher interest rates may have made homeownership slightly less accessible for some residents.
Renter percentages in zip code 43545 have shown a corresponding inverse relationship to homeownership rates. The percentage of renters increased from 24% in 2013 to 29% in 2020, before decreasing slightly to 26% in 2022. Average rent prices have also experienced an upward trend, rising from $749 in 2013 to $829 in 2022, an increase of 10.7% over nine years. This increase in rent prices, coupled with the rise in home prices, may have contributed to the slight fluctuations in the renter population.
In 2023, the average home price in zip code 43545 reached $183,830, a modest increase from the previous year. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price is reported at $192,316, showing continued appreciation in the local real estate market. The federal interest rate for 2024 stands at 5.33%, indicating a persistently high borrowing cost environment.
Looking ahead, based on the historical trends and current market conditions, we can predict that average home prices in zip code 43545 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach around $220,000 to $230,000 by 2029. Average rent prices are also likely to increase, potentially reaching $900 to $950 per month in the same timeframe, assuming the current economic conditions and housing demand persist.
In summary, zip code 43545 has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The area has maintained a high proportion of homeowners, even as both home prices and rent costs have risen. The recent spike in interest rates may pose challenges for potential new homebuyers, potentially leading to a slight increase in the renter population in the short term. However, the strong historical preference for homeownership in this area suggests that demand for homes will likely remain robust, continuing to drive both home prices and rents upward in the coming years.
