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South Zanesville's Housing Market: Resilient Growth Amid Changing Dynamics
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
South Zanesville, located in Ohio, has experienced notable shifts in its housing market over the past decade. The community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in South Zanesville has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 74%, and by 2022, it had slightly decreased to 72%. During this period, average home prices in the area showed a consistent upward trend. In 2012, the average home price was $63,492, and by 2022, it had nearly doubled to $124,054. This significant increase in average home prices, despite a relatively stable homeownership rate, suggests that existing homeowners may have benefited from appreciating property values while potential new buyers faced increasing barriers to entry.
Federal interest rates have played a role in shaping homeownership trends in South Zanesville. From 2012 to 2016, when interest rates were historically low (ranging from 0.14% to 0.4%), the homeownership rate remained relatively stable, hovering around 70-75%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed slight fluctuations but remained resilient, suggesting that other local factors may have helped maintain homeownership levels despite rising borrowing costs.
Renter percentages in South Zanesville have mirrored the homeownership trends, with slight variations. In 2013, renters comprised 26% of the population, and by 2022, this figure had increased marginally to 28%. Average rent prices have shown a steady increase over the years, rising from $655 in 2013 to $911 in 2022, representing a 39% increase. This rise in average rent prices outpaced the growth in the renter population, which may indicate increasing demand for rental properties or improvements in the quality of available rentals.
The years 2023 and 2024 have seen continued growth in average home prices in South Zanesville. In 2023, the average home price reached $131,662, and in 2024, it further increased to $141,296. This represents a 14% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity in the area.
Looking ahead, predictive models suggest that average home prices in South Zanesville are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of real estate values in the area.
In summary, South Zanesville has demonstrated a resilient housing market characterized by steadily increasing average home and rent prices. The community has maintained a relatively stable balance between homeowners and renters, despite rising property values and fluctuating interest rates. The continued growth in both average home prices and average rent prices suggests a robust local real estate market, with potential for further appreciation in the coming years.
