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Zip Code 43085: Rising Home Values and Stable Ownership in Worthington, 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 43085, located in Worthington, Ohio, has experienced notable shifts in its housing market over the past decade. This area, known for its blend of suburban charm and urban amenities, has seen significant changes in homeownership rates, average home prices, and average rent prices.
The ownership percentage in zip code 43085 has remained relatively stable, with a slight decline from 76% in 2013 to 74% in 2022. During this same period, average home prices have shown a consistent upward trend. In 2013, the average home price was $191,126, which steadily increased to $363,225 by 2022, representing an impressive 90% growth over nine years. This substantial rise in home values, despite a marginal decrease in homeownership, suggests a robust and desirable housing market in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 73%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 71% in 2018 and 2019. However, when interest rates dropped again in 2020 (0.38%) and 2021 (0.08%), homeownership rebounded to 73%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 43085 have shown a slight increase, moving from 22% in 2013 to 26% in 2022. This trend coincides with a steady rise in average rent prices. In 2013, the average rent was $1,037, which increased to $1,210 by 2022, representing a 16.7% increase over nine years. The population growth from 22,753 in 2013 to 25,660 in 2022 likely contributed to the increased demand for rental properties, supporting both the rise in renter percentages and average rent prices.
In 2023 and 2024, the housing market in zip code 43085 continued its upward trajectory. The average home price reached $379,820 in 2023 and further increased to $397,322 in 2024, marking a 4.6% and 9.4% rise from 2022, respectively. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially indicating strong underlying demand in the area.
Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 43085 to continue rising over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also likely to increase, driven by population growth and the area's desirability. However, the rate of increase may slow if homeownership becomes more attractive due to potential future interest rate adjustments.
In summary, zip code 43085 has demonstrated a resilient and growing housing market. The area has maintained a high rate of homeownership despite rising home prices, seen a moderate increase in the renter population with corresponding rent increases, and continued to attract new residents. The interplay between federal interest rates, population growth, and housing demand has shaped these trends, positioning this Worthington zip code as an area of consistent real estate appreciation and evolving housing dynamics.
