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Zip Code 43320: Rising Home Values and Resilient Ownership in Edison, 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 43320 represents Edison, Ohio, a small community with a population of 2,795 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with recent trends showing an increase in both owner-occupied housing and average home values.
The homeownership rate in Edison has shown a general upward trend, increasing from 65% in 2014 to 73% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $87,237 in 2014 to $197,902 in 2022, representing a 126.8% increase over eight years. The relationship between homeownership rates and average home prices suggests that despite rising property values, residents of Edison have been increasingly able to purchase homes.
Federal interest rates have played a role in homeownership trends in Edison. The period from 2014 to 2020 saw relatively low interest rates, ranging from 0.09% to 2.16%, which likely contributed to the increasing homeownership rates during this time. For example, as interest rates dropped from 2.16% in 2019 to 0.38% in 2020, homeownership increased from 73% to 71%, indicating that lower interest rates may have encouraged home buying.
Renter percentages in Edison have inversely mirrored the homeownership trends, decreasing from 35% in 2014 to 27% in 2022. Interestingly, average rent prices have shown some volatility during this period. The average rent increased from $577 in 2014 to a peak of $656 in 2020, before decreasing to $638 in 2022. This fluctuation in rent prices, coupled with the decreasing renter percentage, suggests that more residents may be transitioning from renting to owning, possibly due to favorable mortgage conditions and increasing home values.
In 2023 and 2024, the average home prices in Edison continued to rise, reaching $198,742 in 2023 and $201,483 in 2024. This represents a modest growth of 0.42% from 2022 to 2023 and 1.38% from 2023 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in Edison are likely to continue their upward trajectory over the next five years, albeit at a more moderate pace. Given the historical data and current economic conditions, average home prices could potentially reach around $220,000 to $230,000 by 2029. Average rent prices are also expected to increase, possibly reaching $700 to $750 per month in the same timeframe, assuming the current economic trends and housing market dynamics persist.
In summary, Edison has experienced a notable increase in homeownership rates and average home prices over the past decade. The interplay between federal interest rates, homeownership percentages, and housing prices has been evident, with lower interest rates generally corresponding to higher homeownership rates. As the community continues to evolve, the housing market in zip code 43320 shows signs of steady growth, with both ownership rates and property values on an upward trajectory.
