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Zip Code 43527: Rising Home Values and High Ownership Rates in Holgate, 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 43527, located in Holgate, Ohio, presents an interesting case study in homeownership and housing market trends. This rural area has seen significant fluctuations in both population and housing dynamics over the past decade. The overall trend shows a strong preference for homeownership, with average home prices steadily increasing and average rent prices experiencing some volatility.
The homeownership rate in zip code 43527 has remained consistently high, ranging from 84% to 89% between 2013 and 2022. This strong ownership trend correlates with the steady increase in average home prices, which rose from $83,068 in 2010 to $141,863 in 2022, representing a 70.8% increase over 12 years. The most significant year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $112,802 to $132,463, a 17.4% rise in a single year.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the high homeownership rates observed. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate remained stable at 89%, suggesting a strong local preference for owning rather than renting, even in the face of potentially higher borrowing costs.
The renter population in zip code 43527 has remained relatively small, fluctuating between 11% and 16% from 2013 to 2022. Average rent prices have shown some volatility, ranging from a low of $616 in 2017 to a high of $817 in 2022. Interestingly, the highest average rent coincided with one of the lowest renter percentages (11% in 2022), possibly indicating a shortage of rental properties or increased demand for the limited rental stock available.
In 2023 and 2024, the housing market in zip code 43527 showed some interesting developments. The average home price decreased slightly to $137,004 in 2023 but then rebounded to $143,172 in 2024, surpassing the 2022 peak. This occurred against a backdrop of significantly higher federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher rates typically make borrowing more expensive, yet the local housing market appears to have remained resilient.
Looking ahead, based on the historical data and current trends, we can project some potential scenarios for the next five years. Average home prices in zip code 43527 are likely to continue their upward trajectory, albeit at a more moderate pace due to the higher interest rate environment. We might expect average home prices to reach around $160,000 to $170,000 by 2029. Average rent prices, which have shown more variability, could stabilize or increase slightly, potentially reaching $850 to $900 per month by 2029, assuming continued low rental availability and steady demand.
In summary, zip code 43527 demonstrates a strong preference for homeownership, with consistently high owner-occupancy rates despite fluctuations in average home prices and federal interest rates. The area has seen substantial appreciation in home values over the past decade, with resilience even in the face of recent interest rate hikes. The rental market, while smaller, has shown volatility in pricing, likely influenced by limited supply and changing local economic conditions. As we move forward, the area seems poised for continued, though perhaps more moderate, growth in both the ownership and rental sectors of its housing market.
