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Rising Home Values and Steady Ownership in Zip Code 43506: A Resilient Bryan, Ohio Housing Market
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 43506, located in Bryan, Ohio, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area has shown resilience in maintaining a high percentage of owner-occupied homes while navigating fluctuating average home prices and rent costs.
The ownership percentage in zip code 43506 has remained relatively stable, with a slight upward trend from 72% in 2013 to 72% in 2022. During this period, average home prices have shown a consistent upward trajectory. In 2013, the average home price was $97,571, which steadily increased to $164,544 by 2022, representing a substantial 68.6% growth over nine years. This trend suggests a strong correlation between rising home values and sustained homeownership rates in the area.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which coincided with a slight increase in homeownership from 72% to 74%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable at 74-75%, indicating the area's resilience to moderate interest rate increases.
Renter percentages in zip code 43506 have shown a slight decline, from 28% in 2013 to 28% in 2022, with some fluctuations in between. Average rent prices, however, have seen a significant increase. In 2013, the average rent was $650, which rose to $802 by 2022, marking a 23.4% increase. This trend suggests that despite rising rent costs, the proportion of renters has remained relatively stable, possibly due to the area's overall affordability compared to larger urban centers.
In 2023 and 2024, the housing market in zip code 43506 continued its upward trajectory. The average home price reached $171,912 in 2023 and further increased to $179,349 in 2024, representing a 4.3% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, highlighting the strong demand for housing in this area.
Looking ahead, predictive models suggest that average home prices in zip code 43506 are likely to continue their upward trend over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, but may stabilize as they approach market equilibrium. The area's consistent homeownership rates and steady population growth indicate a balanced and potentially attractive market for both buyers and renters.
In summary, zip code 43506 has demonstrated a robust housing market characterized by steadily increasing home values, stable homeownership rates, and rising rent prices. The area has shown resilience to interest rate fluctuations and maintained a healthy balance between owner-occupied and renter-occupied properties. As the market continues to evolve, this zip code appears well-positioned for sustained growth and stability in its housing sector.
