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Zip Code 43150: Rising Home Values and Ownership in Rushville, 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 43150, located in Rushville, Ohio, presents an interesting case study in homeownership and housing market trends. This rural area has experienced significant shifts in both ownership rates and property values over the past decade, with a clear trend towards increased homeownership and rising average home prices. The ownership percentage in zip code 43150 has shown a remarkable upward trajectory, climbing from 86% in 2013 to an impressive 92% in 2022. This increase in homeownership coincides with a substantial rise in average home prices, which grew from $134,302 in 2013 to $273,398 in 2022, representing a 103.6% increase over this period. The correlation between rising homeownership rates and increasing property values suggests a strong local housing market with growing demand for owner-occupied homes.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 43150. The period of historically low interest rates from 2013 to 2021, with rates ranging from 0.08% to 0.40%, likely contributed to the surge in homeownership. These low rates made mortgages more affordable, encouraging more residents to purchase homes. The sharp increase in homeownership from 87% in 2018 to 92% in 2020 coincided with interest rates dropping from 1.83% to 0.38%, further illustrating this relationship.
As homeownership rates increased, the percentage of renters in zip code 43150 naturally decreased, falling from 14% in 2013 to 8% in 2022. Interestingly, despite the shrinking rental market, average rent prices have shown volatility. Rent prices peaked at $1,016 in 2013, then experienced a general downward trend, reaching $744 in 2022. This decline in average rent prices, coupled with the decreasing renter population, suggests a potential oversupply of rental properties or a shift in the local rental market dynamics.
In 2023 and 2024, the housing market in zip code 43150 continued its upward trajectory. Average home prices rose to $289,867 in 2023 and further increased to $303,001 in 2024, representing a 10.8% growth over these two years. This price appreciation 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 local housing market.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit at a potentially slower pace due to higher interest rates. Average home prices could reach approximately $350,000 by 2029. Conversely, average rent prices are projected to stabilize or potentially increase slightly, possibly reaching around $800 per month by 2029, as the rental market adjusts to the smaller renter population and potential economic changes.
In summary, zip code 43150 has demonstrated a strong shift towards homeownership, with a corresponding increase in average home prices. The area has bucked national trends by maintaining high levels of homeownership even in the face of rising property values and interest rates. The rental market has contracted, both in terms of renter population and average rent prices, reflecting the local preference for homeownership. As the housing market continues to evolve, this zip code presents a unique example of a rural area with a robust and growing owner-occupied housing sector.
