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Rising Home Values and Ownership Rates in Zip Code 43718: A Decade of Growth in Belmont, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 43718, located in Belmont, Ohio, is a rural area spanning 56.04 square miles. This region has experienced notable shifts in homeownership rates and property values over the past decade, with a general trend towards increased owner-occupancy and rising average home prices.
The homeownership rate in this zip code has shown a steady increase from 81% in 2013 to 86% in 2022. This upward trend in ownership coincides with a significant rise in average home prices. In 2013, the average home price was $123,407, which steadily climbed to $195,257 by 2022, representing a 58% increase over this period. The most substantial year-over-year growth occurred between 2020 and 2021, with average home prices jumping from $169,076 to $187,441, a 10.9% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 43718. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the stability in homeownership rates during this time. As interest rates began to rise gradually from 2016 onwards, reaching 2.16% in 2019, the homeownership rate remained steady at 81%. Interestingly, despite a sharp drop in interest rates to 0.08% in 2021, homeownership saw a significant jump to 85%, possibly due to pandemic-related factors and increased housing demand.
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The rental market in zip code 43718 has experienced fluctuations in both occupancy rates and average rent prices. The percentage of renters decreased from 19% in 2013 to 14% in 2022. Despite this decline in renter occupancy, average rent prices have shown a general upward trend, albeit with some volatility. In 2013, the average rent was $510, which increased to $915 by 2020. However, there was a significant spike in 2021, with average rent reaching $1,516, before decreasing to $912 in 2022. This volatility in rent prices could be attributed to changes in local economic conditions and housing supply.
Looking at the most recent data, the average home price in zip code 43718 reached $199,137 in 2023 and further increased to $205,383 in 2024. This continued upward trajectory in home values occurs against a backdrop of rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability and could potentially slow down the rate of home price appreciation in the near future.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43718 will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $230,000 to $240,000, assuming a steady annual growth rate of 2-3%. For average rent prices, the forecast suggests a more stable trajectory, potentially settling in the range of $950 to $1,050 per month by 2029, factoring in historical volatility and current market conditions.
In summary, zip code 43718 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. The interplay between federal interest rates, local economic factors, and housing market dynamics has shaped these trends. While homeownership rates have reached a high of 86%, average home prices continue to climb, albeit at a potentially slower rate due to rising interest rates. The rental market, though smaller, has shown resilience with fluctuating but generally increasing rent prices. These trends suggest a robust and evolving housing market in this Ohio community.
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