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Zip Code 43213: Rising Home Values and Ownership Trends in Columbus, 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 43213, located in Columbus, Ohio, has experienced significant shifts in its housing market over the past decade. This area has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 43213 has shown a gradual increase in recent years. In 2013, the percentage of owner-occupied homes was 39%, which dropped slightly to 36% in 2015 and 2016. However, from 2017 onwards, there has been a consistent upward trend, reaching 42% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $76,869, which has steadily increased to $190,027 by 2022, representing a remarkable 147% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting pattern. Despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable around 36-37%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates also increased, reaching 38% by 2019. This trend continued into 2022, with homeownership at 42% despite a federal interest rate of 1.68%, suggesting that other local factors may have a stronger influence on homeownership in this area than national interest rates.
Renter percentages in zip code 43213 have shown a corresponding decline as homeownership increased. In 2013, 61% of housing units were renter-occupied, peaking at 64% in 2015 and 2016. Since then, the percentage of renters has steadily decreased, reaching 58% in 2022. Despite this decline in the proportion of renters, average rent prices have generally increased. The average rent was $883 in 2013, rising to $991 in 2021, before slightly decreasing to $930 in 2022. This overall upward trend in rent prices, even as the percentage of renters decreased, may be attributed to the growing population in the area, which increased from 31,404 in 2013 to 36,470 in 2022.
In 2023 and 2024, the housing market in zip code 43213 continued to evolve. The average home price reached $200,814 in 2023 and further increased to $208,558 in 2024, representing a 4% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, based on historical trends and current market conditions, we can predict continued growth in average home prices for zip code 43213 over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $240,000 to $250,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $1,100 to $1,200 per month by 2029, driven by population growth and increased property values.
In summary, zip code 43213 has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. Despite rising federal interest rates, the local housing market has shown resilience, with both homeownership and property values continuing to climb. The rental market, while decreasing in percentage terms, has maintained strong average rent prices, reflecting the area's growing population and desirability. These trends suggest a dynamic and evolving housing market in this Columbus, Ohio zip code, with potential for continued growth in both the ownership and rental sectors in the coming years.
