Loading Content...
Zip Code 43843: Rising Home Values and Fluctuating Ownership in Rural Ohio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bladensburg, located in zip code 43843 in Ohio, is a small community that has experienced fluctuating homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in this area. The homeownership rate in Bladensburg has shown a general decline from 2013 to 2022. In 2013, the homeownership rate was 82%, which increased to a peak of 87% in 2017. However, by 2022, it had decreased to 78%. During this same period, average home prices in the area have consistently risen. In 2013, the average home price was $112,435, which steadily increased to $233,892 by 2022, representing a substantial 108% increase over nine years.
The relationship between federal interest rates and homeownership rates in Bladensburg shows some correlation. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates increased from 82% to 86%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline, dropping to 78% by 2022.
Renter percentages in Bladensburg have shown an inverse relationship to homeownership rates, naturally increasing as homeownership decreased. The renter percentage rose from 13% in 2017 to 22% in 2022. Interestingly, average rent prices have not shown a consistent upward trend during this period. In 2013, the average rent was $940, which fluctuated over the years, reaching a low of $805 in 2019 before increasing to $905 in 2022. This variability in rent prices might be influenced by the changing population, which decreased from 1,580 in 2019 to 1,332 in 2022.
Looking at the most recent data, average home prices in Bladensburg continued to rise in 2023 and 2024, reaching $243,677 and $257,080 respectively. This represents a 9.9% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Bladensburg to continue their upward trajectory, potentially reaching around $300,000 by 2029. However, this growth rate may slow down due to the current high interest rates. Average rent prices are likely to stabilize or increase moderately, possibly reaching $1,000-$1,100 per month by 2029, assuming current economic conditions persist.
In summary, Bladensburg has experienced a gradual shift from homeownership to renting over the past decade, despite steadily increasing average home prices. The inverse relationship between federal interest rates and homeownership rates is evident, with recent interest rate hikes potentially contributing to the decrease in homeownership. The community's changing demographics and economic factors will continue to shape these trends in the coming years.
