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Zip Code 43619: Rising Home Values and Stable Ownership in Northwood, 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 43619, located in Northwood, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, spanning 11.45 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local factors.
The homeownership rate in zip code 43619 has remained relatively stable, hovering around 75-78% between 2013 and 2022. However, there have been slight fluctuations, with the lowest rate of 73% observed in 2021. Concurrently, average home prices have shown a consistent upward trend. In 2013, the average home price was $99,718, which steadily increased to $155,337 by 2022, representing a substantial 55.8% increase over this period. This trend suggests a growing demand for homeownership in the area, despite minor fluctuations in the ownership rate.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 43619. From 2013 to 2016, interest rates remained extremely low, below 0.5%, coinciding with a period of stable homeownership rates around 77-78%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership rates to 75%. However, the dramatic drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) did not immediately translate to higher homeownership rates, possibly due to economic uncertainties during the pandemic.
Renter percentages in zip code 43619 have generally mirrored the inverse of homeownership rates, ranging from 21% to 27% between 2013 and 2022. Interestingly, average rent prices have shown more volatility than home prices. In 2013, the average rent was $826, which fluctuated over the years, reaching a peak of $846 in 2019 before settling at $822 in 2022. This represents a modest overall increase of about 2.5% from 2013 to 2022. The fluctuations in rent prices don't always directly correlate with changes in the renter percentage, suggesting other factors such as local economic conditions and housing supply may influence rental rates.
Looking at the most recent data, average home prices in zip code 43619 continued to rise, reaching $159,605 in 2023 and $162,735 in 2024. This represents a 2.7% increase from 2022 to 2023 and a further 2% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 43619 to continue their upward trajectory, potentially reaching around $180,000 by 2029. This projection is based on the consistent growth observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of about $875 by 2029, assuming the trend of gradual increases continues.
In summary, zip code 43619 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The area has maintained a high proportion of owner-occupied housing, even in the face of changing interest rates and economic conditions. The rental market, while showing more volatility in prices, has remained a significant component of the local housing landscape. As the area moves forward, the interplay between interest rates, housing prices, and demographic shifts will continue to shape the real estate dynamics in this Ohio community.
