Loading Content...
Steady Homeownership and Rising Property Values: A Decade of Change in Zip Code 43338, Mount Gilead, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mount Gilead, located in zip code 43338 in Ohio, presents an intriguing case study of housing dynamics in a small Midwestern community. Over the past decade, this area has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Mount Gilead has remained relatively stable, hovering around 81-83% between 2013 and 2022. This high rate of homeownership indicates a strong preference for property ownership in the community. Concurrently, average home prices have shown a significant upward trend. In 2012, the average home price was $83,595, which steadily increased to $236,151 by 2022, representing a substantial 182% growth over a decade. This rise in home values suggests a robust local real estate market, potentially driven by factors such as improved local amenities, economic development, or increased demand for housing in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. This coincided with a slight increase in homeownership from 81% in 2013 to 82% in 2015. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained stable at around 81-83%. This resilience in homeownership rates despite rising interest rates suggests other factors, such as strong local economic conditions or a cultural preference for homeownership, may be influencing housing choices in Mount Gilead.
Renter percentages in the zip code 43338 have fluctuated slightly, ranging from 17% to 20% between 2013 and 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $685, which decreased to $665 in 2017 before rising sharply to $805 in 2018. By 2022, the average rent had settled at $785. This fluctuation in rent prices, particularly the sharp increase in 2018, could be attributed to changes in local housing supply, shifts in population demographics, or economic factors affecting the rental market.
Looking at more recent data, the average home price in zip code 43338 continued its upward trajectory, reaching $238,378 in 2023 and slightly increasing to $238,817 in 2024. This represents a modest 0.18% increase from 2023 to 2024, indicating a potential stabilization in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future home buying decisions and affect the local real estate market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43338 will continue to rise, albeit at a more moderate pace. Given the historical growth rate and recent stabilization, we project average home prices could reach approximately $260,000 to $275,000 by 2029. For average rent prices, considering the historical volatility and recent trends, we estimate they could range between $850 to $950 by 2029, assuming consistent economic conditions and housing demand.
In summary, Mount Gilead in zip code 43338 has demonstrated a robust and growing housing market over the past decade. The area maintains a high homeownership rate despite fluctuations in interest rates, suggesting strong local factors supporting property ownership. The significant increase in average home prices, coupled with volatile but generally increasing rent prices, indicates a dynamic real estate environment. As the market shows signs of stabilization in recent years, future trends will likely be influenced by broader economic factors, local development, and demographic shifts in this Ohio community.
