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Zip Code 43560: Rising Home Values and Ownership Trends in Sylvania, 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 43560, located in Sylvania, Ohio, has shown interesting trends in homeownership and housing prices over the past decade. This area has experienced a notable increase in homeownership rates alongside rising average home prices, while the rental market has seen fluctuations in both occupancy and costs.
The homeownership rate in zip code 43560 has steadily increased from 75% in 2013 to 82% in 2022. This upward trend coincides with a significant rise in average home prices, which grew from $165,368 in 2013 to $276,623 in 2022, representing a 67.3% increase over nine years. The relationship between homeownership and home prices suggests that despite rising costs, more residents are choosing to invest in property ownership.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates corresponded with the increase in homeownership from 75% to 82%. The accessibility of affordable financing likely contributed to the growth in property ownership during this time.
Conversely, the percentage of renters in zip code 43560 has decreased from 23% in 2013 to 18% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend, increasing from $989 in 2013 to $1,170 in 2022, a 18.3% rise. This suggests that while fewer residents are renting, those who do are facing higher costs. The population in the area has remained relatively stable, with only minor fluctuations, indicating that the shift from renting to owning is not primarily driven by population changes.
In 2023 and 2024, the housing market in zip code 43560 continued to evolve. Average home prices reached $289,974 in 2023 and further increased to $303,522 in 2024, showing a continued upward trajectory. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 43560 may continue to rise over the next five years, potentially reaching around $350,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. However, these projections may be influenced by various factors, including economic conditions and local market dynamics.
In summary, zip code 43560 has experienced a shift towards increased homeownership, with rising average home prices and a decreasing renter population. The area has shown resilience in property values, even as interest rates have recently increased. The coming years may see continued growth in both home prices and rental costs, reflecting the area's desirability and economic stability.
