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Zip Code 43061: Rising Home Values and Ownership Rates in Ostrander, 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 43061, located in Ostrander, Ohio, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a steady increase in both population and average home values, with a notable trend towards higher homeownership rates.
The ownership percentage in zip code 43061 has shown a consistent upward trend, rising from 90% in 2013 to 94% in 2022. This increase in homeownership coincides with a substantial growth in average home prices. In 2013, the average home price was $217,903, which steadily climbed to $431,713 by 2022, representing a 98% increase over this period. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $339,281 to $431,713, a 27% increase in just two years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a slight decrease in homeownership from 90% to 87%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area actually increased to 94%. This suggests that other factors, such as local economic conditions or housing supply, may have had a stronger influence on homeownership in this zip code than national interest rates.
The renter percentage in zip code 43061 has inversely mirrored the homeownership trend, decreasing from 10% in 2013 to 6% in 2022. Despite this decline, average rent prices have shown volatility. In 2013, the average rent was $1,031, which peaked at $1,292 in 2016 before declining to $1,067 in 2022. The fluctuation in rent prices, despite the decreasing renter population, could be attributed to changes in housing quality, local economic factors, or shifts in the rental market composition.
In 2023 and 2024, the housing market in zip code 43061 continued its upward trajectory. The average home price reached $452,601 in 2023 and further increased to $466,400 in 2024, representing a 3% year-over-year growth. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest a continued increase in average home prices for zip code 43061 over the next five years, albeit at a potentially slower rate than seen in recent years. Average home prices are projected to reach approximately $525,000 by 2029. Rent prices are expected to stabilize and show modest growth, potentially reaching an average of $1,200 per month by 2029.
In summary, zip code 43061 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. Despite fluctuations in federal interest rates and rent prices, the area has maintained a robust housing market with consistently growing home values. The future outlook suggests continued growth in both home prices and rent, reflecting the area's desirability and economic stability.
