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Dublin, Ohio Zip Code 43016: Rising Home Values and Shifting Ownership Trends
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
Dublin, located in zip code 43016 in Ohio, has experienced significant growth and changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic real estate landscape of this thriving community.
The homeownership rate in zip code 43016 has shown a gradual decline from 2013 to 2022. In 2013, 58% of residents were homeowners, but by 2022, this figure had decreased to 55%. During this same period, average home prices in the area saw a substantial increase. In 2013, the average home price was $218,596, and by 2022, it had risen to $390,714, representing a 78.7% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 43016. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates remained relatively stable, fluctuating between 54% and 58%. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate stabilized at 55%, potentially indicating that higher borrowing costs were impacting home buying decisions.
The renter population in zip code 43016 has grown from 41% in 2013 to 45% in 2022. This increase in renters corresponds with a rise in average rent prices. In 2013, the average rent was $1,207, and by 2022, it had increased to $1,479, a 22.5% rise. The growth in the renter population and rent prices may be attributed to the area's increasing population density, which rose from 1,821.94 people per square mile in 2013 to 2,208.06 in 2022, potentially driving up demand for rental properties.
In 2023, the average home price in zip code 43016 reached $408,354, with interest rates climbing to 5.02%. As of 2024, the average home price has further increased to $424,343, while interest rates have risen slightly to 5.33%. These figures indicate a continuing trend of rising property values and borrowing costs in the area.
Looking ahead, predictive models suggest that average home prices in zip code 43016 may continue to rise over the next five years, potentially reaching around $500,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,700 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 43016 has experienced a shift towards a slightly higher proportion of renters, accompanied by significant increases in both average home prices and rent costs. The area's growing population and rising property values have shaped a competitive housing market, with homeownership becoming more challenging for some residents. As the community continues to evolve, these trends are likely to play a crucial role in shaping the future of Dublin's real estate landscape.
