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Zip Code 43460: Rising Home Values and Ownership Dynamics in Rossford, 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 43460, located in Rossford, Ohio, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This area, covering 4.18 square miles, has seen fluctuations in its population and housing trends, reflecting broader economic changes and local market conditions.
The homeownership rate in zip code 43460 has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 71%, which increased to a peak of 80% in 2018. However, by 2022, it had slightly decreased to 73%. This trend coincides with significant changes in average home prices. The average home price in the area rose from $99,410 in 2013 to $164,268 in 2022, representing a substantial 65% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2018, when interest rates were relatively low (ranging from 0.11% to 1.83%), saw an increase in homeownership from 71% to 80%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, the slight decrease in homeownership from 2018 to 2022 (from 80% to 73%) occurred despite interest rates remaining relatively low, suggesting other local factors may have influenced this trend.
Renter percentages in zip code 43460 have inversely mirrored the homeownership trends, decreasing from 29% in 2013 to 20% in 2018, before rising slightly to 27% by 2022. Average rent prices have shown an overall upward trend, increasing from $788 in 2013 to $843 in 2022, with some fluctuations in between. The peak average rent of $969 was observed in 2018, coinciding with the lowest renter percentage of 20%. This suggests a possible correlation between reduced rental supply and increased rent prices during that period.
In 2023 and 2024, the housing market in zip code 43460 continued its upward trajectory. The average home price reached $173,714 in 2023 and further increased to $180,229 in 2024. This represents a 9.7% increase from 2022 to 2024. Notably, this price increase occurred despite a significant rise in federal interest rates, which jumped from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. This suggests strong local demand or other factors supporting home values in the area, even in the face of higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 43460. If the current trajectory continues, average home prices could potentially reach around $220,000 to $230,000 by 2029. However, this growth rate may moderate due to the higher interest rate environment. For average rent prices, assuming a continuation of recent trends, we might see them increase to approximately $900 to $950 per month by 2029, though local economic factors and housing supply changes could influence this projection.
In summary, zip code 43460 has experienced a general trend of increasing homeownership rates and rising average home prices over the past decade, with some recent moderation. The rental market has shown inverse trends in occupancy rates but generally increasing average rents. The area's housing market has demonstrated resilience, with continued price appreciation even in the face of rising interest rates in recent years. These trends reflect the dynamic nature of the local real estate market and suggest ongoing demand for housing in this Ohio community.
