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Zip Code 43319: High Homeownership and Rising Home Values in East Liberty, 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
East Liberty, located in zip code 43319 in Ohio, has experienced notable changes in its housing market over the past decade. This small community has maintained a consistently high rate of homeownership while seeing significant growth in both population and average home prices.
The homeownership rate in East Liberty has remained remarkably stable, fluctuating between 89% and 93% from 2013 to 2022. This high rate of owner-occupied housing indicates a strong preference for homeownership in the community. Simultaneously, average home prices have shown a steady upward trend. In 2010, the average home price was $124,598, and by 2022, it had risen to $237,195, representing a substantial increase of 90.4% over 12 years.
The relationship between federal interest rates and homeownership rates in East Liberty appears to be less pronounced than in many other areas. Despite fluctuations in interest rates, the homeownership rate remained relatively constant. For instance, when interest rates dropped from 1.83% in 2018 to 0.38% in 2020, the homeownership rate only increased slightly from 92% to 93%. This suggests that other factors, such as local economic conditions or community preferences, may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in East Liberty have remained low, ranging from 7% to 11% between 2013 and 2022. The average rent prices have shown some volatility over the years. In 2013, the average rent was $523, which increased significantly to $841 in 2015. However, it then stabilized, with the average rent in 2022 being $719. This relative stability in rent prices, combined with the low percentage of renters, suggests a limited rental market in the area.
In 2023, the average home price in East Liberty reached $249,266, continuing the upward trend seen in previous years. The federal interest rate for 2023 was 5.02%, a significant increase from the previous year. Moving into 2024, the average home price has further increased to $263,471, while the federal interest rate has risen slightly to 5.33%. These higher interest rates could potentially impact home affordability and future homeownership rates in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in East Liberty will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $300,000 by 2029. Rent prices, which have been relatively stable in recent years, may see modest increases, possibly reaching an average of $750-$800 per month in the next five years.
In summary, East Liberty (zip code 43319) has maintained a remarkably high and stable homeownership rate despite significant increases in average home prices. The community has shown resilience to changes in federal interest rates, suggesting strong local factors influencing the housing market. With continued population growth and rising home values, East Liberty appears to be a desirable location for homeowners, with a limited but stable rental market.
