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Average Home Values and Ownership in Zip Code 43617: A Decade of Growth in Sylvania, 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
In zip code 43617, located in Sylvania, Ohio, we observe an interplay between homeownership rates, average home prices, and average rent prices over the past decade. This area has experienced shifts in its housing market dynamics, reflecting broader economic trends and local demographic changes. The homeownership rate in this zip code has increased from 88% in 2013 to 92% in 2022, indicating a preference for homeownership among residents. Average home prices have risen substantially, from $163,955 in 2013 to $278,722 in 2022, representing a 70% increase over this period. This upward trend in both homeownership rates and average home prices suggests a robust demand for housing in the area, possibly driven by factors such as local economic growth or the desirability of the neighborhood. When examining the relationship between federal interest rates and homeownership rates, we observe an interesting pattern. Despite the federal interest rate increasing from 0.11% in 2013 to 1.68% in 2022, the homeownership rate in zip code 43617 continued to rise. This trend contradicts the typical expectation that higher interest rates might discourage homeownership. It suggests that other factors, such as strong local economic conditions or a cultural preference for homeownership, may have outweighed the impact of rising interest rates in this area.
The percentage of renters in zip code 43617 has decreased from 11% in 2013 to 8% in 2022. Average rent prices have shown a fluctuating trend during this period. The average rent peaked at $1,053 in 2015 before declining to $813 in 2022, a 23% decrease. This downward trend in both renter percentages and average rent prices could be attributed to the increasing preference for homeownership in the area, potentially leading to less demand for rental properties.
The average home price in zip code 43617 reached $289,910 in 2023 and further increased to $300,538 in 2024. This continued upward trajectory in home prices occurs despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating a resilient housing market in this area that seems to be less sensitive to interest rate fluctuations.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43617 will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the area's apparent resilience to interest rate changes. For average rent prices, the model suggests a potential stabilization or slight increase, possibly reaching around $850-$900 per month by 2029, assuming the local economic conditions remain stable and the housing market continues its current trajectory.
In summary, zip code 43617 in Sylvania, Ohio, has demonstrated a strong trend towards homeownership, with rising average home prices and declining renter percentages. The area's housing market has shown resilience in the face of increasing interest rates, suggesting strong local demand for housing. The divergence between rising home prices and declining rent prices presents a dynamic that may continue to shape the local real estate landscape in the coming years.
