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Zip Code 43036: Magnetic Springs' Rising Home Values and Ownership Patterns
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 43036, representing the village of Magnetic Springs in Ohio, is a small community with a unique demographic profile. This area has experienced fluctuations in homeownership rates and housing prices over the years, reflecting broader economic trends and local market conditions. The ownership percentage in zip code 43036 has shown some variability over the past decade. In 2013, the area had 100% owner-occupied housing units. However, this rate decreased to 50% from 2014 to 2021, indicating a shift in the housing market. Interestingly, in 2022, there was a slight increase to 67% owner-occupied units. During this period, average home prices in the area have shown a consistent upward trend. From 2016 to 2022, average home prices rose significantly, starting at $63,233 in 2016 and reaching $131,458 in 2022, representing a substantial increase of about 108% over six years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical pattern observed in larger markets. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 2.16%, the homeownership rate remained relatively stable at 50% during most of this period. This suggests that other local factors may have a stronger influence on homeownership in this small community than national interest rate trends.
Renter percentages and average rent prices in zip code 43036 show an interesting pattern. While specific renter percentages are not available, we can infer from the homeownership rates that there has been a presence of renters in the community since 2014. Average rent prices have generally increased over time, rising from $547 in 2013 to $858 in 2022, an increase of about 57%. This increase in rent prices occurred despite the small and relatively stable population, which ranged from 5 to 9 residents during this period.
In 2023 and 2024, average home prices in zip code 43036 showed a slight fluctuation. The average home price in 2023 was $130,010, a minor decrease from 2022. However, in 2024, the average home price increased to $140,251, representing a growth of about 7.9% from the previous year. This occurred despite the federal interest rate rising to 5.33% in 2024, which typically would be expected to slow home price growth.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in zip code 43036 may continue to see moderate growth over the next five years, potentially reaching around $160,000 by 2029. Average rent prices could also continue their upward trajectory, possibly approaching $1,000 per month in the same timeframe. However, these projections assume stable local economic conditions and no significant changes in the area's small population.
In summary, zip code 43036 has demonstrated resilience in its housing market, with rising home values and rent prices despite its small size. The area has maintained a mix of owners and renters, with a recent trend towards increased homeownership. The coming years may see continued growth in both home values and rent prices, reflecting the broader trend of appreciation in the local real estate market.
