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Zip Code 43416: Rising Home Values and Strong Ownership Rates in Elmore, 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 43416, located in Elmore, Ohio, presents an interesting case study of real estate trends in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates and notable changes in average home and rent prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 43416 has shown resilience, generally remaining above 75% throughout the observed period. In 2013, the area boasted an 81% homeownership rate, which dipped to 75% in 2016 and 2020 before rebounding to 82% in 2022. This trend aligns with changes in average home prices, which have seen substantial growth. Average home prices rose from $123,714 in 2010 to $198,141 in 2022, representing a 60% increase over 12 years. The most significant jump occurred between 2020 and 2021, with average prices surging from $156,966 to $181,596, a 15.7% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period of historically low interest rates from 2010 to 2021, ranging from 0.08% to 0.4%, coincided with the overall stability in homeownership rates and the steady increase in average home prices. As interest rates began to rise more sharply in 2022 to 1.68%, we saw a corresponding increase in homeownership to 82%, possibly due to buyers rushing to secure mortgages before rates climbed further.
Renter percentages in zip code 43416 have generally mirrored the inverse of homeownership rates, fluctuating between 18% and 25% over the observed period. Average rent prices have shown an overall upward trend, rising from $564 in 2013 to $631 in 2022, a 11.9% increase. However, this trend has not been consistent, with some years showing decreases, such as the drop from $661 in 2019 to $529 in 2021, before rebounding in 2022. These fluctuations may be influenced by local economic factors and changes in the area's population, which decreased from 3,138 in 2010 to 2,857 in 2022.
As of 2024, the average home price in zip code 43416 has reached $212,870, continuing the upward trend observed in previous years. This represents a 4.3% increase from the 2023 average of $204,983. Concurrently, federal interest rates have risen significantly to 5.33% in 2024, up from 5.02% in 2023, reflecting a tighter monetary policy environment.
Looking ahead, predictive models suggest that average home prices in zip code 43416 may continue to rise over the next five years, potentially reaching around $240,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, potentially reaching approximately $700 per month by 2029, though this trend may be more volatile and subject to local economic factors.
In summary, zip code 43416 has demonstrated a strong preference for homeownership, with rates consistently above 75% despite fluctuations in the housing market. The area has experienced significant growth in average home prices, particularly in recent years, while rent prices have shown more modest increases. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As the community moves forward, these trends suggest a continuing robust housing market with potential for further price appreciation, albeit in an environment of higher interest rates.
