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Zip Code 43149: Rockbridge's Soaring Home Values and Ownership Trends
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 43149, located in Rockbridge, Ohio, presents an interesting case study in homeownership and housing market trends. This rural area has seen significant shifts in its residential landscape over the past decade, with notable changes in both ownership rates and property values.
The homeownership rate in zip code 43149 has shown a strong upward trend, increasing from 84% in 2013 to 93% in 2022. This substantial rise in owner-occupied housing coincides with a remarkable increase in average home prices. In 2013, the average home price was $138,926, but by 2022, it had climbed to $271,762, representing a 95.6% increase over nine years. This correlation suggests that as property values appreciated, more residents were motivated to become homeowners, possibly viewing real estate as a solid investment opportunity.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 43149. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial surge in homeownership from 84% to 89%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the rate of increase in homeownership slowed but continued to climb, reaching 93% by 2022. This suggests that other factors, such as the area's affordability compared to urban centers, may have sustained the homeownership trend despite rising interest rates.
The rental market in zip code 43149 has experienced a corresponding decline as homeownership increased. The percentage of renters dropped from 16% in 2013 to just 7% in 2022. Despite this decrease in demand, average rent prices have shown volatility. Starting at $620 in 2013, rents peaked at $775 in 2019, before slightly decreasing to $775 in 2022. This fluctuation could be attributed to the shrinking rental market, with fewer available units potentially commanding higher prices, even as overall demand decreased.
Looking at the most recent data, average home prices in zip code 43149 continued their upward trajectory, reaching $295,754 in 2023 and $312,992 in 2024. This represents a 15.2% increase from 2022 to 2024, indicating sustained growth in the local real estate market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast the next five years, we anticipate that average home prices in zip code 43149 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $375,000 to $400,000, assuming a moderated annual growth rate of 3-5%. Average rent prices are expected to stabilize or increase marginally, potentially reaching $800-$850 per month by 2029, as the limited rental market adjusts to local economic conditions and housing demand.
In summary, zip code 43149 has experienced a significant shift towards homeownership, with a 9 percentage point increase from 2013 to 2022. This trend has been accompanied by substantial growth in average home prices, nearly doubling over the same period. The rental market has contracted but shown resilience in pricing. Recent data from 2023 and 2024 confirms continued appreciation in home values, setting the stage for moderate but steady growth in both the ownership and rental sectors over the next five years.
