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Zip Code 43103: Rising Home Values and Shifting Ownership Trends in South Bloomfield, 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 43103, located in South Bloomfield, Ohio, has experienced significant demographic and housing market changes over the past decade. This area has seen fluctuations in homeownership rates and notable increases in both average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 43103 has shown some variability over the years. In 2013, the area had a 77% homeownership rate, which increased to 83% by 2018, indicating a strong preference for homeownership during this period. However, there has been a slight decline since then, with the homeownership rate dropping to 75% in 2022. This trend coincides with significant changes in average home prices. In 2013, the average home price was $151,947, which steadily increased to $307,611 by 2022, representing a substantial 102.4% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the increase in homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates, suggesting that higher borrowing costs may have impacted some potential buyers' ability to enter the market.
The rental market in zip code 43103 has also experienced notable changes. The percentage of renters decreased from 23% in 2013 to 17% in 2018 but has since increased to 25% in 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $864, which peaked at $1,028 in 2017 before decreasing to $849 in 2022. This fluctuation in rent prices, coupled with the increasing homeownership costs, may have influenced some residents to shift between renting and owning based on affordability.
Looking at the most recent data, the average home price in zip code 43103 continued to rise, reaching $319,696 in 2023 and $330,714 in 2024. This represents a 7.5% increase from 2022 to 2024, indicating a continued strong housing market despite higher interest rates. The federal interest rate increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43103 will continue to rise, potentially reaching around $380,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $950 to $1,000 per month by 2029, considering the historical fluctuations and recent stabilization in rental rates.
In summary, zip code 43103 has demonstrated a robust housing market with substantial growth in average home prices over the past decade. While homeownership rates have slightly declined in recent years, they remain relatively high. The rental market has shown more variability, both in terms of occupancy rates and average rents. The interplay between rising home prices, fluctuating rent costs, and changing interest rates will likely continue to shape the housing landscape in this area, potentially influencing residents' decisions between renting and owning in the coming years.
