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Zip Code 43006: Rising Home Values and Strong Ownership in Rural Ohio Village
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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 43006, located in Gann (Brinkhaven), Ohio, presents an interesting case study of homeownership and rental trends in a small, rural community. This area has experienced fluctuations in both population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising property values.
The homeownership rate in zip code 43006 has shown a notable increase from 81% in 2019 to 88% in 2022. This significant rise in homeownership coincides with a substantial increase in average home prices, which grew from $166,080 in 2019 to $235,308 in 2022, representing a 41.7% increase over just three years. This trend suggests a strong correlation between rising property values and increased homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 43006. The period from 2019 to 2021 saw historically low interest rates, dropping from 2.16% in 2019 to just 0.08% in 2021. This environment of low borrowing costs likely contributed to the surge in homeownership, as it made mortgage financing more affordable for potential buyers. The sharp increase in homeownership from 81% in 2021 to 88% in 2022, despite a rise in interest rates to 1.68%, indicates a strong desire for homeownership in this community, possibly driven by the momentum of the previous years' low rates.
Conversely, the renter population in zip code 43006 has decreased from 19% in 2019 to 12% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend, increasing from $789 in 2019 to $791 in 2022. This slight increase in rent prices, despite a shrinking renter population, could be attributed to overall inflationary pressures and the rising costs of property maintenance for landlords.
Moving into 2023 and 2024, the housing market in zip code 43006 continues to show strength. The average home price reached $252,952 in 2023 and further increased to $265,142 in 2024, representing a 12.7% growth over two years. This persistent upward trend in home values occurs despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. The continued appreciation in home values, even in a high-interest rate environment, suggests strong underlying demand for housing in this area.
Looking ahead, predictive models forecast a continuation of these trends over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $300,000 by 2029. Rent prices are also projected to increase moderately, possibly approaching $850 per month by 2029. These predictions are based on the historical data trends and assume relative stability in economic conditions.
In summary, zip code 43006 has experienced a significant shift towards homeownership, accompanied by substantial increases in property values. The area has demonstrated resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. The declining renter population, coupled with stable to slightly increasing rent prices, suggests a strong preference for homeownership in this community. As the area moves forward, it appears poised for continued growth in home values and a sustained high rate of homeownership.
