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Average Home Values and Ownership in Zip Code 43907: A Decade of Growth in Cadiz, 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
Zip code 43907, located in Cadiz, Ohio, presents an interesting case study of homeownership and housing market trends. This rural area has experienced notable fluctuations in population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising average home prices.
The homeownership rate in zip code 43907 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 73%, which increased to a peak of 79% in 2016. By 2022, it settled at 73%. During this same period, average home prices in the area saw a significant increase. In 2013, the average home price was $70,780, which steadily rose to $135,297 by 2022, representing a 91% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 73% to 79%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 43907 have generally decreased from 2013 to 2022, mirroring the increase in homeownership. The renter percentage dropped from 27% in 2013 to 21% in 2016, before rising slightly to 27% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $633, which increased to $648 in 2014 before declining to $560 in 2017. By 2022, the average rent had risen to $625, showing an overall decrease of 1.3% from 2013 to 2022. The fluctuations in rent prices and renter percentages could be influenced by the area's changing population, which peaked at 7,471 in 2013 and decreased to 6,359 by 2022.
Looking at the most recent data, the average home price in zip code 43907 slightly decreased to $134,307 in 2023 but is projected to rise to $137,156 in 2024. This represents a modest 2.1% increase from 2023 to 2024. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43907 will continue to rise, albeit at a more moderate pace than seen in the past decade. We project an average annual increase of 3-4% in home prices over the next five years. For rent prices, we expect a slight upward trend, with an estimated annual increase of 1-2%, assuming stable economic conditions and population trends.
In summary, zip code 43907 has experienced a general trend towards increased homeownership and rising average home prices from 2013 to 2022. The area has shown resilience in its housing market, with significant appreciation in home values despite population fluctuations. The recent increase in interest rates may pose challenges to continued growth in homeownership rates, but the projected rise in home prices suggests ongoing demand in the area. The rental market has remained relatively stable, with slight decreases in average rent over the past decade, but is expected to see modest growth in the coming years.
