Loading Content...
Average Home Values and Ownership in Zip Code 43793: Woodsfield's Housing Dynamics
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 43793, located in Woodsfield, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This rural area has seen a gradual decline in population, coupled with fluctuating trends in the real estate market.
The homeownership rate in zip code 43793 has shown a slight downward trend from 2013 to 2022. In 2013, the area boasted a 76% homeownership rate, which gradually decreased to 71% by 2022. This decline coincided with an increase in average home prices. In 2016, the average home price was $103,735, which steadily rose to $132,378 by 2022, representing a 27.6% increase over six years.
The relationship between federal interest rates and homeownership rates in this area is notable. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained relatively stable at around 73-76%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% by 2022, homeownership rates experienced a slight decline, settling at 71% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 43793 have shown a corresponding increase as homeownership rates declined. The percentage of renters rose from 24% in 2013 to 29% in 2022. Interestingly, average rent prices have also increased during this period. In 2013, the average rent was $520, which fluctuated over the years but ultimately rose to $576 by 2022, marking a 10.8% increase. This trend occurred despite a declining population, which dropped from 4,798 in 2013 to 4,262 in 2022, suggesting that other factors such as housing supply and local economic conditions may have influenced rent prices.
Looking at the most recent data, the average home price in zip code 43793 slightly decreased to $132,220 in 2023 but is projected to rise to $136,051 in 2024. This represents a 2.9% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate a continued gradual increase in average home prices, potentially reaching around $145,000 by 2029. Average rent prices are also expected to follow an upward trajectory, potentially surpassing $600 per month within the next five years. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 43793 has experienced a gradual shift towards renting, with a slight decrease in homeownership rates over the past decade. This trend has occurred alongside rising average home prices and rent costs, despite a declining population. The area's real estate market appears resilient, with projected increases in both home values and rent prices in the coming years. The interplay between federal interest rates, local economic conditions, and housing market dynamics will continue to shape the residential landscape of this Ohio community.
