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Zip Code 43151: Midway's Stable Homeownership and Soaring Home Values
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 43151, encompassing Midway in Ohio, presents a unique case study in rural homeownership and property values. This small community, with a population of just 5 residents in 2022, has experienced remarkable stability in its homeownership rates while witnessing significant growth in average home prices over the past decade.
The ownership percentage in this zip code has remained consistently high, with 100% owner-occupied homes reported for most years between 2013 and 2022. This unwavering homeownership rate coincides with a substantial increase in average home prices. In 2013, the average home price was $57,055, which steadily rose to $150,354 by 2022, representing a 163% increase over nine years. This trend suggests a strong correlation between stable homeownership and appreciating property values in this rural area.
Federal interest rates have played a crucial role in shaping homeownership trends nationwide, and Midway is no exception. The period from 2013 to 2022 saw historically low interest rates, ranging from 0.11% to 1.68%. These low rates likely contributed to maintaining the high homeownership rate in the area by making mortgage financing more accessible and affordable for residents.
Given the 100% homeownership rate, there is limited data on rental trends in zip code 43151. However, the average median rent data available shows fluctuations over the years. In 2013, the average median rent was $913, which decreased to $775 in 2018 before rising again to $1,155 in 2022. These changes in rent prices, despite the absence of renters, may reflect broader regional economic factors or potential rental market pressures in nearby areas.
As of 2024, the average home price in zip code 43151 stands at $156,226, showing a continued upward trend from previous years. This increase aligns with the current federal interest rate of 5.33% in 2024, which is significantly higher than rates seen in the previous decade. The 2023 average home price was $150,020, indicating a 4.14% year-over-year increase despite rising interest rates.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue, albeit at a potentially slower pace due to higher interest rates. Over the next five years, average home prices in zip code 43151 could reach approximately $175,000 to $190,000, assuming steady economic conditions and continued demand for rural properties. Rent prices, while not directly applicable to this fully owner-occupied area, may see moderate increases in line with regional economic growth, potentially reaching around $1,300 to $1,400 per month by 2029.
In summary, zip code 43151 in Midway, Ohio, demonstrates a remarkable combination of unwavering homeownership and significant property value appreciation. The area's consistent 100% owner-occupancy rate, coupled with a 163% increase in average home prices from 2013 to 2022, highlights the strong housing market in this small rural community. Despite recent interest rate increases, the positive trend in home values continues, suggesting ongoing appeal and stability in this unique real estate market.
