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Zip Code 43804: Rising Home Values and Strong Ownership in Baltic, Ohio's Rural Setting
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 43804, located in Baltic, Ohio, has experienced fluctuating trends in homeownership and housing prices over the past decade. This rural area has shown resilience in its real estate market, with notable shifts in both ownership percentages and average home values.
The homeownership rate in zip code 43804 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the ownership rate stood at 72%, and by 2022, it had increased slightly to 75%. During this period, average home prices in the area saw substantial growth. In 2013, the average home price was $151,824, and by 2022, it had risen to $297,421, representing a remarkable 96% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates increased from 72% to 78%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, homeownership rates showed a slight decline, settling at 75% in 2022.
Renter percentages and average rent prices in zip code 43804 have shown an interesting correlation. In 2013, when 28% of residents were renters, the average rent was $451. As the renter percentage decreased to 22% in 2014, average rent increased slightly to $467. The renter population reached its peak at 30% in 2019, coinciding with a significant increase in average rent to $629. By 2022, with renters making up 25% of the population, the average rent had decreased slightly to $616.
Looking at the most recent data, the average home price in zip code 43804 continued to rise, reaching $304,276 in 2023 and $310,624 in 2024. This represents a steady increase of about 2% each year. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which 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 43804 will continue to rise, potentially reaching around $340,000 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 $700 per month by 2029, assuming the current economic conditions and population trends persist.
In summary, zip code 43804 has demonstrated a strong and growing real estate market, with substantial increases in average home prices and relatively stable homeownership rates. The interplay between federal interest rates, homeownership, and rental trends has shaped the local housing landscape. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the community's housing market.
