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Zip Code 43565: Rural Tontogany's Rising Home Values and Stable Ownership
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 43565, located in Tontogany, Ohio, is a small rural area with a population of just 16 as of 2022. This zip code has experienced interesting trends in homeownership and housing prices over the past decade. The homeownership rate in zip code 43565 has remained relatively stable, with some fluctuations. In 2013, the area had 100% owner-occupied housing units. This rate decreased to 80% from 2014 to 2019, then increased back to 100% in 2020 and 2022. During this period, average home prices in the area saw a steady increase. In 2013, the average home price was $73,411, and by 2022, it had risen to $147,714, representing a 101% increase over nine years.
Federal interest rates have played a role in homeownership trends in zip code 43565. In 2013, when homeownership was at 100%, the federal interest rate was 0.11%. As interest rates gradually increased to 2.16% by 2019, homeownership remained stable at 80%. Interestingly, when interest rates dropped to 0.38% in 2020, homeownership returned to 100%, aligning with the general trend of lower interest rates encouraging homeownership.
Regarding rental trends, specific data on renter percentages is limited for this zip code. However, average rent prices have shown an upward trend. In 2013, the average rent was $685, which increased to $1,015 by 2022, representing a 48% increase over nine years. This rise in rent prices occurred despite the area's small and relatively stable population, which ranged from 14 to 18 residents during this period.
In 2023 and 2024, the housing market in zip code 43565 continued to evolve. The average home price reached $157,003 in 2023 and slightly increased to $157,297 in 2024. This represents a 6.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in zip code 43565 will continue to rise moderately over the next five years. Average rent prices are also expected to increase, albeit at a slower pace than in previous years. These projections take into account the area's limited housing stock and stable population.
In summary, zip code 43565 has demonstrated resilient homeownership rates and consistent growth in both average home prices and rent prices over the past decade. The interplay between federal interest rates and homeownership rates has been notable, with lower rates generally corresponding to higher ownership percentages. The significant rise in interest rates in 2023 and 2024, coupled with continued growth in home prices, suggests a potentially changing dynamic in the local housing market for the coming years.
