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Zip Code 43342: Rising Home Values and Stable Ownership in Prospect, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 43342, located in Prospect, Ohio, presents an interesting case study of homeownership and housing market trends. This area has experienced fluctuations in both ownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising property values.
The ownership percentage in zip code 43342 has shown a notable increase from 82% in 2013 to 82% in 2022. During this same period, average home prices have risen significantly, from $124,839 in 2013 to $235,639 in 2022, representing an impressive 88.8% increase over nine years. This strong correlation between rising homeownership rates and increasing home values suggests a robust and desirable housing market in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 43342. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%. During this time, homeownership in the area increased from 82% to 85%, likely due to more affordable financing options. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates experienced a slight decline, settling at 82% in 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in zip code 43342 have shown an inverse relationship to homeownership rates, decreasing from 18% in 2013 to 18% in 2022. Interestingly, average rent prices have fluctuated during this period, starting at $837 in 2013, peaking at $938 in 2021, and then decreasing to $846 in 2022. The population of the area has also seen variations, with 3,588 residents in 2013, increasing to 3,649 in 2022. These fluctuations in population and rent prices suggest a dynamic rental market responding to changes in housing demand and overall economic conditions.
Looking at the most recent data, average home prices in zip code 43342 continued to rise, reaching $242,999 in 2023 and $250,490 in 2024. This represents a 3.1% increase from 2023 to 2024, indicating a continued upward trend in property values. Simultaneously, federal interest rates have increased significantly, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43342 will continue to rise, potentially reaching around $290,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of around $950 per month by 2029, considering the historical fluctuations and recent trends in the rental market.
In summary, zip code 43342 has demonstrated a strong housing market with increasing homeownership rates and rising property values over the past decade. The area has shown resilience to changes in federal interest rates, maintaining a high percentage of homeowners despite recent rate increases. The rental market, while smaller, has remained relatively stable with some fluctuations in prices. As we look to the future, the continued rise in home values and moderate increases in rent prices suggest that this zip code will likely remain an attractive area for both homeowners and investors in the coming years.
