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Zip Code 43440: Rising Home Values and Stable Ownership in Marblehead, 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 43440, located in Marblehead, Ohio, is a small community with a rich history and a dynamic real estate market. Over the past decade, this area has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in zip code 43440 has remained relatively stable, with a slight increase from 80% in 2019 to 84% in 2022. This trend coincides with a significant rise in average home prices, which grew from $179,814 in 2010 to $329,363 in 2022, representing an impressive 83% increase over 12 years. The relationship between homeownership rates and average home prices suggests that despite rising costs, residents in this area have maintained a strong preference for owning their homes.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 43440. The period from 2010 to 2021 saw historically low interest rates, ranging from 0.08% to 2.16%. This favorable lending environment likely contributed to the sustained high homeownership rates in the area. For instance, as interest rates dropped from 1.83% in 2018 to 0.08% in 2021, the homeownership rate increased from 81% to 85%, indicating that lower borrowing costs may have encouraged more residents to purchase homes.
Renter percentages in zip code 43440 have fluctuated slightly, peaking at 20% in 2014 and 2019, before declining to 16% in 2022. Interestingly, average rent prices have shown considerable volatility. They rose from $912 in 2013 to a peak of $1,165 in 2015, then experienced a sharp decline to $743 in 2022. This 36% decrease in average rent prices from 2015 to 2022 occurred despite a slight population decrease from 4,661 to 4,314 during the same period, suggesting that factors beyond population changes influenced rental market dynamics.
In 2023 and 2024, zip code 43440 continued to see growth in average home prices, reaching $346,217 in 2023 and $361,271 in 2024. This represents a 9.6% increase from 2022 to 2024, indicating a robust housing market. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher borrowing costs, the housing market in this area has demonstrated resilience and continued appreciation.
Looking ahead, predictive models suggest that average home prices in zip code 43440 may continue to rise over the next five years, potentially reaching around $400,000 by 2029. However, this growth rate might moderate compared to the rapid increases seen in recent years. Average rent prices, which have been declining, may stabilize or see modest increases, potentially returning to the $800-$900 range within the next five years as the market adjusts to changing economic conditions and housing demand.
In summary, zip code 43440 has maintained high homeownership rates despite significant increases in average home prices. The area has shown resilience to rising interest rates, with home values continuing to appreciate. The rental market has experienced more volatility, with recent trends favoring lower average rents. As the community moves forward, it will be crucial to monitor how these housing market dynamics evolve in response to broader economic factors and local development initiatives.
