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Zip Code 43082: Stable Homeownership and Rising Home Values in Westerville, 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 43082, located in Westerville, Ohio, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a general trend of high homeownership rates and steadily increasing property values, making it an attractive location for both homeowners and investors.
The homeownership rate in zip code 43082 has remained consistently high, fluctuating between 88% and 91% from 2013 to 2022. This stability in homeownership is notable, especially when considering the substantial increase in average home prices during the same period. In 2013, the average home price was $279,063, which rose steadily to $480,943 by 2022, representing a 72% increase over nine years. Despite this significant price appreciation, the homeownership rate only decreased slightly from 90% in 2013 to 88% in 2022, indicating strong demand for homeownership in the area.
The relationship between federal interest rates and homeownership rates in this zip code appears to be somewhat atypical. While lower interest rates generally encourage homeownership due to more affordable financing options, the homeownership rate in 43082 remained high even as interest rates fluctuated. For instance, when interest rates were near zero in 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate held steady at 90% and 89%. This suggests that other factors, such as local economic conditions or the desirability of the area, may have a stronger influence on homeownership rates in this particular zip code.
The renter population in zip code 43082, while relatively small, has shown a slight increase over time. The percentage of renters rose from 9% in 2014 to 12% in 2022. This growth in the renter population coincided with an overall increase in average rent prices. In 2013, the average rent was $1,374, which increased to $1,620 by 2022, representing an 18% rise over nine years. The population of the zip code also grew during this period, from 29,897 in 2013 to 31,719 in 2022, potentially contributing to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 43082 continued its upward trajectory, reaching $503,258 in 2023 and $515,154 in 2024. This represents a 4.6% increase from 2022 to 2023 and a further 2.4% increase from 2023 to 2024. Notably, these price increases occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a robust housing market in the area that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in zip code 43082 to continue their upward trajectory, albeit potentially at a more moderate pace due to the higher interest rate environment. Average rent prices are also likely to increase, driven by population growth and the rising cost of homeownership, which may push more residents towards renting.
In summary, zip code 43082 in Westerville, Ohio, has demonstrated a strong and stable housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to interest rate fluctuations and continues to attract both homeowners and renters. The consistent growth in average home prices, coupled with a slight increase in the renter population, suggests a diverse and dynamic real estate market that is likely to remain attractive to residents and investors in the coming years.
