Loading Content...
Average Home Values and Ownership in Zip Code 43606: A Decade of Housing Dynamics in Toledo, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 43606 in Toledo, Ohio, is a dynamic urban area covering 6.48 square miles. This neighborhood has experienced significant shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 43606 has shown a gradual decline from 2013 to 2020, followed by a slight recovery. In 2013, 56% of residents were homeowners, but this figure dropped to 50% by 2020. However, by 2022, the ownership rate had rebounded to 53%. This trend coincides with fluctuations in average home prices, which have seen substantial growth. Average home prices in the area increased from $91,217 in 2013 to $161,587 in 2022, representing a 77% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the relative stability in homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), we observe a corresponding decrease in homeownership percentages, dropping from 54% in 2015 to 52% in 2019.
The renter population in zip code 43606 has shown an inverse relationship to homeownership trends. The percentage of renters increased from 44% in 2013 to a peak of 50% in 2020, before slightly decreasing to 47% in 2022. Average rent prices have also experienced an upward trend, rising from $817 in 2013 to $931 in 2022, a 14% increase. Notably, there was a significant spike in average rent to $1,039 in 2021, possibly influenced by pandemic-related factors, before moderating in 2022.
In 2023 and 2024, the housing market in zip code 43606 continued its upward trajectory. Average home prices reached $169,134 in 2023 and further increased to $179,885 in 2024, representing a 6.4% year-over-year growth. This price appreciation occurred despite a substantial rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent for the next five years. Average home prices are projected to surpass $200,000 by 2027, while average rent prices could approach $1,100 per month. These forecasts assume steady economic growth and continued demand for housing in the area.
In summary, zip code 43606 has experienced a notable increase in housing costs, both for homeowners and renters, over the past decade. While homeownership rates have fluctuated, they have shown resilience in recent years despite rising home prices and interest rates. The area's real estate market demonstrates strong appreciation, indicating sustained demand and potential for continued growth in the coming years.
