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Zip Code 43220: Average Home Values and Ownership Trends in Upper Arlington, 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 43220, located in Upper Arlington, Ohio, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics. The homeownership rate in zip code 43220 has shown a gradual decline from 2013 to 2022. In 2013, 57% of housing units were owner-occupied, but by 2022, this figure had dropped to 52%. Conversely, the percentage of renter-occupied units increased from 42% in 2013 to 48% in 2022. This shift towards renting coincides with a substantial increase in average home prices. In 2013, the average home price was $171,767, which rose dramatically to $328,918 by 2022, representing a 91.5% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally inverse pattern. As interest rates remained low from 2013 to 2021 (ranging from 0.08% to 2.16%), the homeownership rate gradually decreased. This suggests that factors other than interest rates, such as rising home prices, may have had a stronger influence on homeownership decisions in this area.
The renter population in zip code 43220 has grown alongside average rent prices. The percentage of renter-occupied units increased from 42% in 2013 to 48% in 2022. During this period, average rent prices also rose, from $1,136 in 2013 to $1,188 in 2022, an increase of 4.6%. The population growth from 25,188 in 2013 to 28,574 in 2022 likely contributed to the increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 43220 continued to evolve. The average home price reached $342,525 in 2023 and further increased to $354,811 in 2024. This represents a 7.9% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 43220 may continue to rise, potentially reaching around $400,000 by 2029 if the current growth rate persists. However, this growth might slow down due to higher interest rates. Average rent prices could also continue their upward trajectory, potentially reaching $1,300 to $1,400 per month by 2029, driven by increased demand for rental properties.
In summary, zip code 43220 has experienced a shift towards renting, with a decreasing homeownership rate and rising average home prices. The area has seen significant population growth, contributing to increased demand for both owned and rented properties. The recent spike in interest rates, combined with consistently rising home prices, may continue to influence the balance between homeownership and renting in this dynamic Ohio community.
