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Average Home Values and Ownership in Zip Code 43571: Whitehouse'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 43571, located in Whitehouse, Ohio, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 43571 has shown a slight decline over the years, dropping from 86% in 2013 to 82% in 2022. This trend coincides with a substantial increase in average home prices, which rose from $174,730 in 2010 to $327,320 in 2022, representing an impressive 87% growth over 12 years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2010 to 2016, interest rates remained historically low, hovering between 0.1% and 0.4%. During this period, homeownership rates in zip code 43571 remained relatively stable, ranging from 85% to 86%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, a slight decline in homeownership was observed, dropping to 82%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in zip code 43571 has also experienced notable changes. The percentage of renters increased from 14% in 2013 to 18% in 2022, indicating a growing demand for rental properties. Concurrently, average rent prices saw significant growth, rising from $650 in 2013 to $840 in 2022, a 29% increase over nine years. This upward trend in both renter percentages and average rent prices suggests a tightening rental market, possibly driven by population growth from 6,434 in 2013 to 7,047 in 2022, a 9.5% increase.
In 2023 and 2024, the housing market in zip code 43571 continued to evolve. Average home prices reached $340,313 in 2023 and further increased to $355,705 in 2024, representing a 4% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, potentially impacting affordability and homeownership rates.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $420,000 by 2029. Average rent prices are expected to follow a similar trajectory, with an estimated annual growth of 2-3%, potentially surpassing $950 per month by 2029.
In summary, zip code 43571 has experienced a gradual shift towards a more balanced housing market, with a slight decrease in homeownership rates and an increase in rental demand. The area has seen substantial appreciation in both home values and rent prices, driven by population growth and broader economic factors. Despite rising interest rates, the housing market remains robust, with continued price growth expected in both the ownership and rental sectors over the next five years.
