Loading Content...
Average Home Values and Ownership in Zip Code 47562: Odon's Resilient Housing Market
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 47562, located in Odon, Indiana, 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 dynamics.
The homeownership rate in zip code 47562 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 81%, and by 2022, it was at 80%. During this period, average home prices in the area saw a substantial increase. In 2012, the average home price was $130,427, and by 2022, it had risen to $240,553, representing an impressive 84.4% increase over a decade. This trend suggests that despite rising home values, residents in this area have maintained a strong preference for homeownership.
Federal interest rates have played a role in shaping homeownership trends in zip code 47562. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), the homeownership rate remained steady at 77%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight dip in homeownership to 75% in 2018. However, the area quickly rebounded, with homeownership increasing to 80% by 2020, despite interest rates fluctuating between 0.38% and 2.16% during this period.
Renter percentages in zip code 47562 have shown a complementary trend to homeownership rates. In 2013, the renter-occupied rate was 19%, which increased slightly to 25% in 2018 before decreasing back to 20% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $527, which increased to $582 in 2016. However, by 2022, the average rent had decreased slightly to $559. This trend suggests that while home prices have consistently increased, rent prices have remained relatively stable, potentially making renting an attractive option for some residents.
In 2023, the average home price in zip code 47562 reached $249,081, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $257,400, while interest rates have slightly risen to 5.33%. These figures indicate a continuing upward trend in home values, despite higher interest rates which typically make mortgages more expensive.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are expected to remain relatively stable or increase modestly, reflecting the area's consistent demand for rental properties. The population growth from 3,921 in 2010 to 5,040 in 2022 may contribute to increased housing demand, potentially supporting both home values and rent prices.
In summary, zip code 47562 has demonstrated a robust housing market characterized by strong homeownership rates and steadily increasing home values. The area has maintained a high proportion of owner-occupied homes despite rising property values, suggesting a strong local economy and desirable living conditions. While rent prices have remained relatively stable, the consistent population growth may lead to increased demand for both owned and rented properties in the coming years.
