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Zip Code 43758: Rising 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
Zip code 43758, located in Malta, Ohio, presents an intriguing demographic landscape with notable trends in homeownership and housing prices over the past decade. This rural area has experienced fluctuations in its population and housing market, reflecting broader economic and social changes.
The homeownership rate in zip code 43758 has remained relatively stable, with a slight downward trend from 2013 to 2022. In 2013, the homeownership rate stood at 79%, and by 2022, it had decreased to 76%. This minor decline occurred alongside a significant increase in average home prices. In 2013, the average home price was $77,614, which rose steadily to reach $132,001 by 2022, representing a substantial 70% increase over this period.
The relationship between federal interest rates and homeownership rates in this area shows some correlation. As interest rates remained low from 2013 to 2020, ranging from 0.09% to 0.38%, the homeownership rate maintained a relatively high level, staying above 77%. However, as interest rates began to rise in 2022 to 1.68%, we observed a slight dip in homeownership to 76%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 43758 have shown a modest increase, moving from 21% in 2013 to 24% in 2022. Interestingly, average rent prices have experienced fluctuations during this period. In 2013, the average rent was $611, which decreased to $532 in 2017 before rising again to $603 in 2022. These fluctuations in rent prices occurred against a backdrop of declining population, which dropped from 3,724 in 2013 to 3,240 in 2022. This population decrease may have influenced the rental market, potentially offsetting some of the upward pressure on rents that might otherwise have accompanied the increase in the renter population.
Looking at the most recent data, average home prices in zip code 43758 continued their upward trajectory, reaching $135,612 in 2023 and further increasing to $141,525 in 2024. This represents a 7.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43758 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Based on historical data and current trends, we project average home prices could reach approximately $160,000 to $170,000 by 2029. For rent prices, considering the historical fluctuations and the area's demographic changes, we estimate a moderate increase, potentially reaching an average of $650 to $700 per month by 2029.
In summary, zip code 43758 has demonstrated resilience in its housing market despite population decline. The area has maintained a high homeownership rate while experiencing significant appreciation in home values. The rental market has shown more volatility, influenced by population changes and economic factors. As interest rates continue to rise, it will be crucial to monitor their impact on both homeownership rates and housing affordability in this rural Ohio community.
