Loading Content...
Home Values and Ownership Trends in Zip Code 43021: Galena'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 43021, located in Galena, Ohio, has experienced significant growth and changes in its housing market over the past decade. This area has seen a substantial increase in population and average home prices, while maintaining a high rate of homeownership.
The ownership percentage in zip code 43021 has remained consistently high, ranging from 92% to 95% between 2013 and 2022. During this period, average home prices have shown a steady upward trend. In 2010, the average home price was $306,400, which increased to $561,189 by 2022, representing an impressive 83% growth over 12 years. The most significant annual increase occurred between 2020 and 2021, with average home prices jumping from $438,435 to $494,356, a 12.8% rise in just one year.
Federal interest rates have played a role in homeownership trends in the area. From 2010 to 2020, interest rates remained relatively low, ranging from 0.08% to 2.16%. This period coincided with the high homeownership rates observed in zip code 43021. The low interest rates likely contributed to making homeownership more accessible and attractive to residents, as mortgage financing was more affordable.
The renter percentage in zip code 43021 has remained relatively low, fluctuating between 3% and 7% from 2013 to 2022. Despite the small renter population, average rent prices have shown some variability. In 2013, the average rent was $1,414, which increased to $1,535 by 2017. However, there was a notable decrease to $1,255 in 2022. This decline in average rent prices, coupled with the area's population growth from 11,619 in 2013 to 15,774 in 2022, suggests that the rental market may be adapting to accommodate the increasing population while maintaining affordability.
In 2023, the average home price in zip code 43021 reached $586,960, showing continued growth from the previous year. This trend persisted into 2024, with average home prices rising to $601,465. Interestingly, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this area has maintained its upward trajectory in terms of prices.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 43021 will likely continue to rise over the next five years. Assuming a conservative annual growth rate of 4-5%, average home prices could potentially reach around $730,000 to $770,000 by 2029. For average rent prices, considering the recent fluctuations and the area's high homeownership rate, we might expect a more modest increase. Projecting a 2-3% annual growth rate, average rent prices could potentially reach approximately $1,400 to $1,450 by 2029.
In summary, zip code 43021 in Galena, Ohio, has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has maintained its attractiveness to homeowners despite recent rises in interest rates. While the rental market represents a smaller portion of the housing landscape, it has shown flexibility in adapting to population growth. As the area continues to develop, it will be interesting to observe how these housing trends evolve in response to economic factors and demographic changes.
