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Zip Code 43778: Rising Home Values and High Ownership in Salesville, 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
Salesville, located in zip code 43778 in Ohio, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in the area. The homeownership rate in Salesville has shown a general upward trend from 2013 to 2022. In 2013, the percentage of owner-occupied homes was 81%, which increased to 86% by 2022. This 5% increase in homeownership suggests a growing preference for property ownership in the area. Concurrently, average home prices have risen significantly. From 2018 to 2022, the average home price increased from $126,939 to $180,711, representing a substantial 42.4% increase over four years.
The trend in homeownership rates appears to have been influenced by federal interest rates. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership in Salesville increased. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, it's noteworthy that even as interest rates began to rise sharply in 2022 to 1.68%, homeownership in the area continued to increase, reaching its peak of 86%.
Renter percentages in Salesville have inversely mirrored the homeownership trend, decreasing from 19% in 2013 to 14% in 2022. Despite this decrease in the renter population, average rent prices have shown volatility. In 2013, the average rent was $821, which increased to $902 in 2021, representing a 9.9% increase. However, in 2022, there was a significant drop to $797, a 11.6% decrease from the previous year. This fluctuation in rent prices doesn't seem to directly correlate with the decreasing renter population, suggesting other factors may be influencing rental rates in the area.
Looking at the most recent data, the average home price in Salesville continued to rise in 2023 and 2024, reaching $190,865 and $196,305 respectively. This represents a 5.6% increase from 2022 to 2023 and a further 2.9% increase from 2023 to 2024. Interestingly, these price increases occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the area that has outweighed the potential dampening effect of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Salesville to continue their upward trajectory, albeit at a potentially slower rate due to the higher interest rate environment. Average home prices could reach approximately $220,000 to $230,000 by 2029. For rent prices, given their recent volatility, predictions are less certain. However, if the trend of decreasing renter populations continues, we might see stabilization or modest increases in average rent prices, potentially reaching around $850 to $900 per month by 2029.
In summary, Salesville has experienced a significant increase in homeownership rates and average home prices over the past decade. This trend has persisted even in the face of rising interest rates, indicating strong local demand for housing. The rental market has shown more volatility, with decreasing renter populations but fluctuating rent prices. As we look to the future, the area is likely to continue seeing growth in home values, while the rental market may stabilize or see modest growth.
