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Zip Code 43112: Rising Home Values and Ownership Rates in Carroll, 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 43112, located in Carroll, Ohio, presents an interesting case study in homeownership and housing market trends. This area has seen significant shifts in both ownership rates and property values over the past decade, reflecting broader economic changes and local market dynamics. The homeownership rate in zip code 43112 has shown a steady increase from 2013 to 2022. In 2013, the percentage of owner-occupied homes stood at 86%, and by 2022, it had risen to an impressive 91%. This 5% increase in homeownership aligns with a substantial rise in average home prices during the same period. In 2013, the average home price was $183,263, and by 2022, it had climbed to $362,448, representing a remarkable 97.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates increased from 86% to 89%. The low-interest environment likely contributed to more affordable mortgage options, encouraging home buying. However, even as interest rates began to rise more sharply in 2022 to 1.68%, homeownership continued to increase, reaching 91%, suggesting other factors were also influencing the local housing market.
Conversely, the percentage of renters in zip code 43112 has decreased over time. In 2013, renters made up 13% of the population, but by 2022, this figure had dropped to 9%. Interestingly, despite the decreasing renter population, average rent prices have not shown a consistent downward trend. The average rent was $1,007 in 2013, peaked at $1,033 in 2021, and then decreased slightly to $955 in 2022. This suggests that while fewer people are renting, the rental market remains relatively stable, possibly due to the overall population growth in the area, which increased from 6,419 in 2013 to 6,869 in 2022.
In 2023 and 2024, the housing market in zip code 43112 continued to evolve. The average home price reached $380,268 in 2023 and further increased to $393,881 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years. Despite these higher interest rates, the housing market in this area has maintained its upward trajectory in terms of prices.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for zip code 43112 over the next five years. The rate of increase may moderate due to higher interest rates, but the strong local demand and historical price appreciation suggest a continued upward trend. Average rent prices are likely to remain stable or increase slightly, influenced by the area's growing population and the decreasing proportion of renters.
In summary, zip code 43112 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has shown resilience in its housing market, with home values continuing to rise even in the face of increasing interest rates. The rental market, while shrinking in terms of the percentage of renters, has maintained relatively stable prices. These trends point to a robust and desirable housing market in Carroll, Ohio, with potential for continued growth in the coming years.
