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Rising Home Values and Steady Ownership in Zip Code 47532: Ferdinand's Resilient 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 47532, located in Ferdinand, Indiana, presents an interesting case study in homeownership and housing market trends. This area has maintained a consistently high rate of owner-occupied housing, with average home prices showing a steady increase over the years. The ownership percentage has remained above 80% throughout the observed period, indicating a strong preference for homeownership in this community.
The relationship between ownership percentage and average home prices in zip code 47532 shows a positive correlation. In 2013, the ownership rate was 83% with an average home price of $141,574. By 2022, the ownership rate had increased slightly to 85%, while the average home price rose significantly to $244,568, representing a 72.8% increase over this period. This trend suggests that rising home values have not deterred homeownership in the area, possibly indicating strong local economic conditions or a cultural preference for owning rather than renting.
Federal interest rates have played a role in homeownership trends in zip code 47532. During periods of lower interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates remained stable at around 83-85%. Even as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the area maintained its high homeownership rate of 85%. This suggests that local factors may have a stronger influence on homeownership than national interest rate trends in this particular zip code.
Renter percentages and average rent prices in zip code 47532 have shown some fluctuation. In 2013, the renter-occupied percentage was 17% with an average rent of $661. By 2022, the renter percentage had decreased slightly to 15%, while the average rent increased to $752, a 13.8% rise. Interestingly, despite the overall population increase from 4,473 in 2013 to 4,532 in 2022, the renter population has remained relatively stable, indicating that new residents may be more likely to become homeowners in this area.
Looking at the most recent data, average home prices in zip code 47532 continued to rise, reaching $250,167 in 2023 and $262,063 in 2024. This represents a 2.3% increase from 2022 to 2023 and a further 4.8% increase from 2023 to 2024. Concurrently, federal interest rates have increased significantly, standing at 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this zip code appears to remain robust.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 47532 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current trends, we project average home prices could reach approximately $290,000 to $310,000 by 2029. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $800 to $850 per month in the same timeframe.
In summary, zip code 47532 demonstrates a strong and persistent preference for homeownership, with consistently high owner-occupancy rates despite rising home prices. The area has shown resilience in maintaining these high rates even in the face of increasing interest rates. Average home prices have seen substantial growth, outpacing the more modest increases in average rent prices. These trends suggest a stable and desirable housing market in this Indiana town, with a continued preference for homeownership likely to persist in the coming years.
