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Zip Code 43302: Marion's Evolving Home Values and Ownership Trends
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 43302, located in Marion, Ohio, presents an interesting case study of housing trends over the past decade. This area has experienced notable shifts in homeownership rates and property values, reflecting broader economic changes in the region.
The homeownership rate in this zip code has shown a gradual decline since 2013. In 2013, 67% of residents were homeowners, but by 2022, this figure had decreased to 64%. Conversely, the percentage of renters increased from 33% to 36% during the same period. This shift coincided with a significant rise in average home prices. In 2013, the average home price was $74,458, but by 2022, it had surged to $140,734, representing an impressive 89% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 65-67%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates showed a slight decline to 64%.
Regarding rental trends, the average rent price in zip code 43302 has steadily increased over the years. In 2013, the average rent was $727 per month. By 2022, it had risen to $835, marking a 14.9% increase over nine years. This upward trend in rent prices correlates with the increasing percentage of renters in the area, suggesting a growing demand for rental properties.
In 2023 and 2024, the housing market in this zip code continued to evolve. The average home price reached $147,657 in 2023 and further increased to $154,741 in 2024. This represents a 10% growth over just two years, indicating a robust housing market. Notably, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that both average home prices and rent prices in zip code 43302 are likely to continue their upward trajectory over the next five years. Home prices are projected to increase by approximately 3-5% annually, potentially reaching around $180,000 by 2029. Rent prices are expected to rise at a similar rate, potentially exceeding $950 per month by 2029.
In summary, zip code 43302 has experienced a gradual shift towards renting, with a corresponding decrease in homeownership rates. Despite this trend, both average home prices and rent prices have shown substantial increases. The area's resilience in maintaining rising property values, even in the face of higher interest rates, suggests a strong local housing market with potential for continued growth in both the ownership and rental sectors.
