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Zip Code 43138: Rising Home Values and Stable Ownership in Logan, 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 43138, located in Logan, Ohio, presents an intriguing case study of homeownership and housing market trends. This area has seen fluctuations in both ownership percentages and average home prices over the past decade, with a general trend towards increasing property values despite some variations in the homeownership rate.
The homeownership rate in zip code 43138 has remained relatively stable, with minor fluctuations between 69% and 73% from 2013 to 2022. Interestingly, the average home prices have shown a consistent upward trend during this period. In 2013, the average home price was $110,444, and it steadily increased to $208,510 by 2022, representing an impressive 88.8% growth over nine years. This substantial rise in home values occurred despite the slight variations in homeownership rates, suggesting that other factors, such as local economic conditions or housing supply constraints, may have played a significant role in driving up property values.
Federal interest rates have had a notable influence on homeownership trends in the area. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), the homeownership rate in zip code 43138 experienced a slight decline from 73% to 69%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized and even increased slightly to 73% by 2022. This pattern suggests that local factors may have had a stronger influence on homeownership decisions than national interest rate trends in this particular zip code.
Regarding rental trends, the percentage of renters in zip code 43138 has shown minor fluctuations, ranging from 27% to 31% between 2013 and 2022. Average rent prices have experienced some volatility during this period. In 2013, the average rent was $707, which decreased to $598 by 2017, representing a 15.4% drop. However, rent prices began to recover thereafter, reaching $675 in 2022, though still below the 2013 levels. This trend in rent prices doesn't show a strong correlation with the renter percentage, indicating that other factors such as local economic conditions or housing supply may have been more influential in determining rent levels.
Looking at more recent data, the average home prices in zip code 43138 continued their upward trajectory, reaching $217,798 in 2023 and further increasing to $234,624 in 2024. This represents a 12.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast future trends, it's anticipated that average home prices in zip code 43138 will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also expected to increase, possibly returning to and surpassing their 2013 levels, as demand for rental properties may grow if higher interest rates make homeownership less accessible for some residents.
In summary, zip code 43138 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The area has shown a complex relationship between federal interest rates, homeownership, and housing prices, suggesting that local factors play a significant role in shaping the market. As we move forward, the interplay between rising home values, interest rates, and rental demand will likely continue to shape the housing landscape in this Ohio community.
