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Rising Home Values and High Ownership Rates: A Decade of Growth in Edon, Ohio Zip Code 43518
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 43518, located in Edon, Ohio, presents an interesting case study of homeownership and housing market trends in a rural setting. Over the past decade, this area has maintained a consistently high rate of homeownership, while experiencing significant fluctuations in average home prices and rental rates.
The ownership percentage in zip code 43518 has remained remarkably stable, hovering around 85% throughout the observed period. This high rate of homeownership reflects a strong preference for property ownership in the area. Interestingly, average home prices have shown a steady upward trend, increasing from $90,434 in 2010 to $168,566 in 2022, representing an impressive 86.4% growth over 12 years.
The relationship between federal interest rates and homeownership rates in this zip code appears to deviate from typical patterns. Despite historically low interest rates between 2010 and 2021, ranging from 0.08% to 2.16%, the homeownership rate remained relatively constant. This suggests that other local factors, such as community preferences or limited rental options, may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 43518 have remained low, consistently ranging between 13% and 17% from 2013 to 2022. Average rent prices have shown some volatility, fluctuating between $594 and $710 during this period. Notably, the highest average rent of $710 was recorded in 2016, while the lowest of $594 was seen in 2018. These fluctuations don't seem to correlate strongly with changes in the renter population, suggesting that local economic factors or housing supply may play a more significant role in determining rental prices.
Looking at the most recent data, average home prices in zip code 43518 continued their upward trajectory, reaching $175,802 in 2023 and $184,129 in 2024. This represents a 9.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the local market appears to remain robust.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43518 will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes continued demand for housing in the area. For average rent prices, we expect a more modest increase, potentially reaching around $750 per month by 2029, assuming the local economy remains stable and housing supply keeps pace with demand.
In summary, zip code 43518 demonstrates a unique housing market characterized by high homeownership rates, steadily increasing average home prices, and relatively stable rental markets. The area's resilience to interest rate fluctuations and its consistent growth in property values suggest a strong local preference for homeownership and a potentially limited housing supply. As we look to the future, the continued rise in both home prices and interest rates will likely present both opportunities and challenges for residents and potential homebuyers in this rural Ohio community.
