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Zip Code 43160: Rising Home Values and Ownership Rates in Washington Court House, 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 43160, located in Washington Court House, Ohio, presents an intriguing case study of housing market dynamics. This area has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 43160 has shown a gradual increase from 2013 to 2022. In 2013, the homeownership rate stood at 60%, and by 2022, it had risen to 62%. This upward trend in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $97,456, and by 2022, it had surged to $181,554, representing an impressive 86.3% increase over this period.
Federal interest rates appear to have played a role in homeownership trends in this area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 59%. As interest rates began to rise more substantially from 2017 onwards, reaching 1.68% in 2022, homeownership rates paradoxically increased to 62%. This suggests that other local factors may have outweighed the impact of rising interest rates on homeownership in this zip code.
Renter percentages in zip code 43160 have fluctuated over the years, with a slight overall decrease from 39% in 2013 to 38% in 2022. Interestingly, average rent prices have not shown a consistent upward trend during this period. In 2013, the average rent was $716, and it peaked at $775 in 2014 before declining to $695 in 2022. This fluctuation in rent prices, coupled with the area's modest population growth from 21,894 in 2013 to 22,040 in 2022, suggests a relatively stable rental market despite the increasing home values.
In 2023 and 2024, the housing market in zip code 43160 continued its upward trajectory. The average home price reached $187,935 in 2023 and further increased to $198,885 in 2024. This represents a 9.5% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, based on the historical trends and current market conditions, we can project continued growth in average home prices for zip code 43160. Applying a conservative linear projection model, we estimate that average home prices could reach approximately $230,000 by 2029. For rent prices, given their historical volatility, a more modest increase is anticipated, potentially reaching around $800 per month by 2029.
In summary, zip code 43160 has demonstrated resilience in its housing market, with increasing homeownership rates and substantial growth in average home prices despite fluctuating interest rates. The rental market has remained relatively stable, showing less dramatic changes compared to the homeownership sector. As the area continues to grow, albeit slowly, these trends suggest a gradually strengthening housing market with potential for further appreciation in both home values and rental rates.
