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Zip Code 43067: Raymond's Rising Home Values and High Ownership Rates
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
Raymond, located in zip code 43067 in Ohio, is a small community that has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
The homeownership rate in Raymond has remained consistently high, fluctuating between 90% and 96% from 2013 to 2022. This stable and high rate of homeownership indicates a strong preference for owner-occupied housing in the area. Concurrently, average home prices have shown a steady upward trend. In 2010, the average home price was $143,509, which increased to $257,972 by 2022, representing a significant 79.8% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Raymond appears to have had a limited impact. Despite historically low interest rates from 2010 to 2021, ranging from 0.08% to 2.16%, the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in maintaining the high homeownership rate in this area.
Renter percentages in Raymond have been consistently low, ranging from 4% to 7% between 2013 and 2022. The average rent prices, however, have shown considerable volatility. In 2013, the average rent was $1,010, which peaked at $1,666 in 2017 before declining to $877 in 2022. This represents a 13.2% decrease in average rent prices from 2013 to 2022. The fluctuation in rent prices, coupled with the low renter percentage, suggests a limited rental market in the area.
In 2023, the average home price in Raymond reached $269,615, continuing the upward trend observed in previous years. The federal interest rate for 2023 was 5.02%, marking a significant increase from the previous year. Moving into 2024, the average home price further increased to $283,043, while the federal interest rate rose slightly to 5.33%. These higher interest rates may impact affordability and potentially influence future homeownership rates in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in Raymond will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $330,000 to $350,000, assuming a conservative annual growth rate of 3-4%. Average rent prices, which have shown more volatility, are harder to predict. However, if the trend of the past few years continues, we might see average rents stabilizing around $900 to $950 per month by 2029.
In summary, Raymond in zip code 43067 has maintained a remarkably high homeownership rate despite significant increases in average home prices. The area has experienced steady growth in property values, with average home prices nearly doubling over a 12-year period. The rental market remains small, with fluctuating rent prices that have generally trended downward in recent years. As interest rates rise, it will be crucial to monitor their impact on the local housing market, particularly regarding affordability and potential shifts in the high homeownership rate that has characterized this community.
