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Zip Code 43314: Average Home Values and Ownership Trends in Caledonia, 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 43314, located in Caledonia, Ohio, presents an interesting case study of homeownership and housing market trends over the past decade. This rural area has experienced significant fluctuations in both population and housing dynamics, with notable shifts in homeownership rates and average home prices.
The ownership percentage in this zip code has shown a general declining trend, starting at 88% in 2015 and dropping to 77% by 2022. Conversely, average home prices have experienced a steady increase. In 2010, the average home price was $105,045, which rose consistently to reach $208,056 by 2022, representing a substantial 98% increase over this period. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 43314. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively high at 74% and 70%. However, as interest rates began to rise in 2022 to 1.68%, we observed a slight increase in homeownership to 77%, possibly due to residents rushing to secure mortgages before rates climbed further.
Renter percentages in zip code 43314 have generally increased from 12% in 2015 to 23% in 2022, mirroring the decline in homeownership. Interestingly, average rent prices have not shown a consistent upward trend despite the increased demand for rentals. Average rent peaked at $872 in 2015 but has since fluctuated, reaching $712 in 2022. This could be attributed to the area's decreasing population, which dropped from 3,357 in 2015 to 2,554 in 2022, potentially offsetting the increased demand for rentals.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, reaching $213,246 and $217,231 respectively. This represents a 2.5% increase from 2022 to 2023 and a further 1.9% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the observed trends, we can forecast that average home prices in zip code 43314 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $240,000 by 2029. Average rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching $750-$800 per month in the same timeframe, assuming the population decline stabilizes.
In summary, zip code 43314 has experienced a notable decline in homeownership rates coupled with a significant increase in average home prices over the past decade. The rental market has grown, but average rent prices have remained relatively stable. Recent increases in federal interest rates and continued growth in home prices suggest that affordability may become a growing concern for potential homebuyers in this area, potentially further shifting the balance towards renting in the coming years.
