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Zip Code 43515: Rising Home Values and Strong Ownership in Delta, 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 43515, located in Delta, Ohio, presents an interesting case study in homeownership and housing market trends. This area has experienced notable fluctuations in population and housing dynamics over the past decade, with a general trend towards increased homeownership and rising average home prices. The ownership percentage in this zip code has remained relatively stable, hovering around 85% from 2013 to 2022. However, there have been slight fluctuations, with the highest ownership rate of 87% observed from 2015 to 2017. Average home prices in the area have shown a consistent upward trend. In 2010, the average home price was $113,609, and by 2022, it had increased significantly to $192,553, representing a growth of about 69.5% over this period.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. Despite the historically low interest rates from 2010 to 2016 (ranging from 0.1% to 0.4%), the homeownership rate remained relatively stable. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership from 87% to 84%. This suggests that while lower interest rates generally encourage homeownership, other factors also play a significant role in this market.
Renter percentages in zip code 43515 have shown some variability, ranging from a low of 12% in 2015 to a high of 17% in 2018 and 2021. Average rent prices have generally increased over time, albeit with some fluctuations. In 2013, the average rent was $712, which decreased to $640 in 2015 before rising steadily to reach $819 in 2022. This represents an overall increase of about 15% in average rent from 2013 to 2022. The population in this zip code peaked at 9,207 in 2016 and has since declined to 8,241 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in zip code 43515 continued to rise, reaching $198,748 in 2023 and $211,328 in 2024. This represents a 3.2% increase from 2022 to 2023 and a further 6.3% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43515 will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and recent acceleration in price growth. For average rent prices, we expect a more moderate increase, potentially reaching approximately $900 per month by 2029, assuming the current trends in population and housing supply continue.
In summary, zip code 43515 has demonstrated a strong preference for homeownership, with consistently high ownership rates despite fluctuations in interest rates and housing prices. The area has seen substantial growth in average home values, particularly in recent years, while rent prices have increased more modestly. These trends, combined with recent interest rate hikes, suggest a dynamic housing market that may face challenges in maintaining affordability for both homeowners and renters in the coming years.
