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Zip Code 43412: Rising Homeownership and Property Values in Curtice, 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 43412, representing Curtice in Ohio, presents an interesting case study of homeownership and housing market trends. This area has seen significant fluctuations in both ownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home values.
The homeownership rate in zip code 43412 has shown a remarkable increase from 85% in 2013 to 91% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices, which grew from $128,826 in 2013 to $209,717 in 2022, representing a 62.8% increase over nine years. The year 2021 saw a particularly sharp increase in average home prices, jumping from $169,004 in 2020 to $192,604, a 13.9% rise in just one year.
Federal interest rates appear to have played a role in homeownership trends in this area. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the increasing homeownership rates, as mortgage financing became more affordable for potential buyers. The homeownership rate peaked at 92% in 2020 when the federal interest rate dropped to 0.38%, down from 2.16% in 2019.
Conversely, the renter population in zip code 43412 has decreased over time, from 15% in 2013 to 9% in 2022. Despite this decline, average rent prices have shown volatility. They rose from $919 in 2013 to a peak of $1,103 in 2018, before declining to $814 in 2022. This fluctuation in rent prices, despite a decreasing renter population, could be attributed to various factors including changes in housing quality, local economic conditions, or shifts in the types of rental properties available.
The years 2023 and 2024 have seen continued growth in average home prices in zip code 43412. The average home price reached $217,933 in 2023 and further increased to $227,522 in 2024, representing a 4.4% and 8.5% increase from 2022, respectively. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has maintained momentum even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 43412 will continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to stabilize and potentially increase moderately, as the limited rental market may create upward pressure on prices.
In summary, zip code 43412 has experienced a significant shift towards homeownership, with a concurrent rise in average home prices. The area has shown resilience in its housing market, maintaining growth even as interest rates have increased. The rental market, while smaller, has seen fluctuations in pricing that don't directly correlate with the decreasing renter population. These trends paint a picture of a dynamic local housing market that has favored homeownership and property value appreciation over the past decade.
