Loading Content...
Zip Code 43345: Rising Home Values and Stable Ownership in Ridgeway, Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 43345, located in Ridgeway, Ohio, presents an interesting demographic landscape with fluctuating homeownership rates and evolving housing market trends. Over the past decade, this area has experienced shifts in both ownership percentages and average home prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 43345 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the ownership rate stood at 90%, and by 2022, it maintained the same level at 90%. However, there were some variations in between, with the lowest point reaching 88% in 2016 and the highest at 93% in 2014 and 2021. Concurrently, average home prices in the area have shown a steady upward trend. In 2013, the average home price was $114,080, which increased significantly to $205,104 by 2022, representing a substantial 79.8% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code doesn't show a clear correlation. For instance, while interest rates remained low between 2013 and 2015 (ranging from 0.11% to 0.13%), homeownership rates fluctuated between 90% and 93%. Similarly, as interest rates began to rise more significantly from 2017 onwards, homeownership rates continued to fluctuate within a similar range, suggesting that local factors may have a more pronounced impact on homeownership in this area than national interest rate trends.
Renter percentages in zip code 43345 have shown some variability, inversely mirroring the homeownership trends. The renter percentage was 9% in 2013, reached a peak of 12% in 2016, and settled at 10% in 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $692, which rose to $796 in 2021, before slightly decreasing to $769 in 2022. This represents an overall increase of 11.1% in average rent from 2013 to 2022.
Looking at the most recent data, the average home price in zip code 43345 for 2023 was $209,188, showing a continued upward trend from previous years. In 2024, the average home price further increased to $218,400, indicating ongoing appreciation in the local real estate market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43345 will continue to rise, albeit potentially at a more moderate pace due to higher interest rates. Based on historical data and current economic conditions, average home prices could potentially reach around $250,000 to $270,000 by 2029. For rent prices, the trend suggests a continued gradual increase, potentially reaching an average of $850 to $900 per month by 2029, barring any significant economic shifts or local market changes.
In summary, zip code 43345 has demonstrated resilience in homeownership rates despite fluctuations in the housing market. The area has seen substantial growth in average home prices over the past decade, with recent data indicating continued appreciation. Rent prices have also shown an upward trend, albeit with some volatility. The coming years may see continued growth in both home prices and rents, though the pace may be influenced by rising interest rates and broader economic factors.
