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Zip Code 43037: Rising Home Values and Fluctuating Ownership in Rural Ohio
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 43037, located in Bladensburg, Ohio, is a small rural community that has experienced interesting shifts in homeownership and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates alongside rising average home prices, with some fluctuations in recent years.
The ownership percentage in zip code 43037 has shown an overall upward trend from 2013 to 2022, with some variability. In 2013, the homeownership rate was 78%, which increased to a peak of 83% in 2016 and 2018. After a slight dip to 76% in 2020, it rebounded to 81% in 2022. This trend generally aligns with the significant increase in average home prices during the same period. Average home prices rose from $56,502 in 2013 to $149,422 in 2022, representing a substantial 164% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 78% to 83%. However, even as interest rates began to rise from 2017 to 2019, homeownership rates remained relatively stable, suggesting that other local factors may have influenced housing decisions in this area.
Renter percentages in zip code 43037 have generally decreased as homeownership rates increased. The renter-occupied percentage dropped from 22% in 2013 to 19% in 2022. Despite this decline in the renter population, average rent prices have shown a significant upward trend. Average rent increased from $619 in 2013 to $808 in 2022, a 30.5% rise. This increase in rent prices, despite a decreasing renter population, could be attributed to overall housing market pressures and improved rental property quality in the area.
In 2023 and 2024, the housing market in zip code 43037 continued its upward trajectory. The average home price reached $153,891 in 2023 and further increased to $165,827 in 2024, representing a 7.8% year-over-year growth. This rise occurred despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow housing price growth.
Looking ahead, based on the historical data and recent trends, we can predict that average home prices in zip code 43037 will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. We might expect average home prices to reach around $190,000 to $200,000 by 2029. Average rent prices are also likely to continue their upward trend, potentially reaching $900 to $950 per month in the same timeframe.
In summary, zip code 43037 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in maintaining high homeownership rates even in the face of rising interest rates, suggesting a robust local housing market. The continued rise in both home prices and rents, despite recent economic challenges, indicates a sustained demand for housing in this rural Ohio community.
