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Zip Code 43756: Soaring Home Values and Shifting Ownership in Rural 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
McConnelsville, located in zip code 43756 in Ohio, presents an intriguing case study of housing market dynamics in a small rural community. Over the past decade, this area has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 43756 has remained relatively stable, with minor fluctuations between 67% and 71% from 2013 to 2022. However, average home prices have shown a significant upward trend during this period. In 2013, the average home price was $77,892, which steadily increased to $139,434 by 2022, representing a substantial 79% increase over nine years. This rise in home values occurred despite relatively stable homeownership rates, suggesting that other factors, such as limited housing supply or improvements in local economic conditions, may have driven up property values.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained high at around 70%. However, as interest rates began to rise from 2017 onwards, there was a slight decline in homeownership, dropping to 68% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Rental market trends in zip code 43756 have shown interesting patterns. The percentage of renters fluctuated between 29% and 33% from 2013 to 2022. Average rent prices have generally increased over this period, albeit with some volatility. In 2013, the average rent was $541, which rose to $585 by 2022, representing an 8% increase. Notably, there was a significant spike in average rent to $671 in 2019, followed by a decrease in subsequent years. This spike coincided with a peak in the area's population (5,757 in 2015), suggesting that increased demand may have temporarily driven up rental prices.
Looking at the most recent data, the average home price in zip code 43756 reached $145,774 in 2023 and further increased to $154,615 in 2024. This represents a significant 11% increase from 2022 to 2024, indicating a robust housing market in the area. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43756 will continue to rise, potentially reaching around $180,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of around $630 by 2029, assuming continued population stability and economic growth in the area.
In summary, zip code 43756 has demonstrated resilience in its housing market, with steadily increasing home values despite relatively stable homeownership rates. The rental market has shown more volatility, particularly in pricing. The recent sharp increase in home prices, coupled with rising interest rates, suggests that the area may face challenges in maintaining housing affordability in the coming years. However, the consistent growth in property values indicates a strong local housing market that has weathered various economic conditions over the past decade.
