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Zip Code 43759: Average Home Values and Ownership Trends in Morristown's Small Rural Community
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 43759, located in Morristown, Ohio, is a small rural community with a population of just 28 residents as of 2022. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting the dynamic nature of its real estate market.
The ownership percentage in zip code 43759 has shown a declining trend, dropping from 100% in 2016 to 70% in 2022. This shift coincides with a steady increase in average home prices, rising from $94,268 in 2016 to $115,930 in 2022, representing a 23% increase over six years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%, which coincided with high homeownership rates of 88% to 100%. However, as interest rates began to rise from 1% in 2017 to 1.68% in 2022, homeownership rates declined to 70%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter percentage in zip code 43759 has increased from 0% in 2016 to 20% in 2022, mirroring the decline in homeownership. Interestingly, average rent prices have shown significant volatility, with a dramatic increase from $300 in 2019 to $1,089 in 2020, followed by a slight decrease to $1,076 in 2022. This substantial rise in rent prices, combined with the increase in the renter population, suggests a growing demand for rental properties in the area, possibly driven by those priced out of the homeownership market.
In 2023 and 2024, the average home prices in zip code 43759 experienced a slight decline, dropping from $115,930 in 2022 to $111,934 in 2023 and further to $111,562 in 2024. This downward trend occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of home prices by making mortgages more expensive and reducing buyer demand.
Looking ahead, predictive models suggest that average home prices in zip code 43759 may continue to experience modest fluctuations over the next five years, potentially stabilizing around the $110,000 to $115,000 range. Average rent prices are expected to remain relatively high, possibly ranging between $1,000 and $1,200, reflecting the increased demand for rental properties in the area.
In summary, zip code 43759 has witnessed a significant shift in its housing market dynamics over the past decade. The declining homeownership rate, coupled with rising home prices and rent, indicates a changing landscape where renting is becoming more prevalent. The recent stabilization of home prices, despite rising interest rates, suggests a potential equilibrium point in the market. These trends highlight the evolving nature of housing preferences and affordability in this small Ohio community.
