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Rising Home Values and Ownership in Zip Code 43950: St. Clairsville's Housing Market 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
Zip code 43950, located in St. Clairsville, Ohio, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This area, with a population of 16,864 in 2022, has seen interesting trends in both ownership percentages and average home and rent prices.
The homeownership rate in zip code 43950 has shown a general upward trend from 2013 to 2019, followed by a slight decline. In 2013, the homeownership rate was 74%, increasing steadily to reach a peak of 81% in 2019. This rise coincided with a consistent increase in average home prices, which grew from $138,733 in 2013 to $172,062 in 2019, representing a 24% increase over six years. However, from 2019 to 2022, there was a slight decrease in homeownership, dropping to 77%, while average home prices continued to rise, reaching $202,107 in 2022.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2019, when interest rates were generally low (ranging from 0.11% to 2.16%), homeownership rates increased. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options. However, despite interest rates dropping to near-zero levels in 2020 and 2021, homeownership rates slightly declined, possibly due to other economic factors or local market conditions.
Renter percentages in zip code 43950 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The percentage of renters dropped from 26% in 2013 to 19% in 2019, before slightly increasing to 23% in 2022. Interestingly, average rent prices have seen significant fluctuations. From 2013 to 2018, average rent remained relatively stable, ranging from $715 to $736. However, there was a sharp increase in 2019, with average rent jumping to $985, followed by further increases to $1,052 in 2021, before slightly decreasing to $990 in 2022. This rent spike coincides with the period of highest homeownership, suggesting a possible correlation between limited rental inventory and increased rental costs.
In 2023 and 2024, the housing market in zip code 43950 continued to evolve. The average home price rose to $206,129 in 2023 and further increased to $209,451 in 2024, showing a steady upward trend. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 43950 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, possibly at a more moderate pace, as the market adjusts to changing economic conditions and housing demand.
In summary, zip code 43950 has experienced a notable increase in homeownership rates and average home prices over the past decade, with a recent slight reversal in ownership trends. The rental market has seen significant price increases, particularly since 2019. The interplay between federal interest rates, homeownership rates, and housing prices provides valuable insights into the local real estate dynamics. As we move forward, the area is likely to see continued growth in both home values and rental costs, shaped by broader economic factors and local market conditions.
