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Zip Code 43611: Home Values and Ownership Trends in Toledo's Resilient Housing Market
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 43611, located in Toledo, Ohio, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen fluctuations in its population, with a recent count of 18,945 residents in 2022, and has demonstrated interesting trends in both ownership percentages and average home prices.
The homeownership rate in zip code 43611 has shown resilience, with a slight increase from 63% in 2017 to 69% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2013, the average home price in this area was $59,055, which steadily increased to $125,813 by 2022, representing a remarkable 113% increase over nine years. This substantial appreciation in home values may have contributed to the area's attractiveness for homebuyers, despite the potential for higher entry costs.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 43611. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, ranging from 67% to 71%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight dip in homeownership to 63% in 2017, but it rebounded to 69% by 2022. This resilience in homeownership rates, even as interest rates increased, suggests other factors such as local economic conditions or housing market dynamics may have supported continued home buying activity in the area.
Rental trends in zip code 43611 have shown interesting patterns in relation to average rent prices. The percentage of renters decreased from 37% in 2017 to 31% in 2022. During this period, average rent prices fluctuated, starting at $715 in 2017, peaking at $731 in 2019, and then settling at $703 in 2022. This slight decrease in average rent, coupled with the declining renter population, could indicate a shift towards homeownership or changes in the local rental market dynamics.
In 2023 and 2024, the housing market in zip code 43611 continued its upward trajectory. The average home price reached $131,910 in 2023 and further increased to $139,108 in 2024, representing a 5.5% year-over-year growth. This trend occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates have not appeared to dampen the local housing market's growth, suggesting strong underlying demand or other favorable local economic factors.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices for zip code 43611 over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $165,000 to $175,000 by 2029. Rent prices, while showing more modest growth, are likely to increase as well, potentially reaching an average of $750 to $800 per month in the same timeframe.
In summary, zip code 43611 has demonstrated a robust housing market characterized by increasing homeownership rates and substantial appreciation in average home values. The area has shown resilience in the face of rising interest rates, maintaining strong homeownership levels and continued growth in property values. The rental market, while experiencing some fluctuations, has remained relatively stable. These trends suggest a dynamic and potentially attractive real estate market in this Toledo, Ohio neighborhood, with positive indicators for both homeowners and investors in the coming years.
