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Zip Code 43071: Rising Home Values and 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 43071, located in St. Louisville, Ohio, presents an interesting case study in homeownership and housing market dynamics. Over the past decade, this area has experienced fluctuations in ownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 43071 has shown a general upward trend, particularly in recent years. In 2013, the area had an 84% homeownership rate, which dipped slightly to 79% in 2020 before rebounding strongly to 88% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $122,607, which more than doubled to $256,292 by 2022, representing a 109% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable, hovering around 80-84%. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership surprisingly increased to 88%. This suggests that local factors may have had a stronger influence on homeownership than national interest rate trends in this particular area.
Renter percentages and average rent prices in zip code 43071 have shown inverse relationships at times. The percentage of renters decreased from 20% in 2020 to 12% in 2022, while average rent prices fluctuated. In 2013, the average rent was $799, which increased to $962 in 2017 before decreasing to $847 in 2022. Interestingly, despite the decrease in the renter population, rent prices have not consistently declined, suggesting a complex interplay of supply and demand factors in the local rental market.
Looking at the most recent data, average home prices in zip code 43071 continued to rise, reaching $273,324 in 2023 and $290,513 in 2024. This represents a 13.3% increase from 2022 to 2024, indicating a strong and growing housing market. Simultaneously, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in this area appears to remain robust.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43071 will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of around $1,100 per month by 2029, assuming the current trends and economic conditions persist.
In summary, zip code 43071 has demonstrated a strong trend towards increased homeownership, with rates rising to 88% in 2022 despite fluctuating interest rates. Average home prices have more than doubled since 2013, showing robust growth that is expected to continue. The rental market, while smaller, has shown resilience with average rents maintaining relatively stable levels despite a decreasing renter population. These trends suggest a dynamic and evolving housing market in this Ohio community, with a clear preference for homeownership among residents.
