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Zip Code 43910: East Springfield's Rising Home Values and Steady Ownership Rates
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
In zip code 43910, East Springfield, Ohio, we observe a dynamic real estate landscape characterized by fluctuating homeownership rates and evolving property values. This area has experienced significant changes in its housing market over the past decade, with notable shifts in both ownership percentages and average home prices.
The trend in homeownership rates in East Springfield has shown remarkable resilience, with a slight overall increase from 2013 to 2022. In 2013, the homeownership rate stood at 88%, and after some fluctuations, it returned to 88% in 2022. Interestingly, this stability in homeownership coincided with a substantial increase in average home prices. The average home price in the area rose from $114,591 in 2016 to $171,904 in 2022, representing a significant 50% increase over this six-year period.
Federal interest rates have played a crucial role in shaping homeownership trends in East Springfield. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the high homeownership rates of 85-88% during this time. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% by 2022, we observed a slight dip in homeownership to 80% in 2018. However, the community showed remarkable resilience, with ownership rates rebounding to 88% by 2022 despite the rising interest rates.
Renter percentages in East Springfield have shown an inverse relationship to homeownership rates, naturally. The renter population fluctuated between 12% and 20% from 2013 to 2022. Interestingly, average rent prices did not show a consistent upward trend despite these fluctuations. The average rent started at $822 in 2013, peaked at $834 in 2016, and then settled at $853 in 2022, showing only a modest 3.8% increase over the nine-year period.
Moving to more recent data, in 2023, the average home price in East Springfield reached $173,558, showing a continued upward trend. This trend persisted into 2024, with average home prices further increasing to $178,926. It's worth noting that these price increases occurred against a backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has maintained growth despite less favorable financing conditions.
Looking ahead, predictive models suggest that the housing market in East Springfield will continue to experience growth, albeit at a more moderate pace. Average home prices are projected to increase by approximately 15-20% over the next five years, potentially reaching around $210,000 by 2029. Rent prices are expected to follow a similar trajectory, with a projected increase of 10-15% over the same period, potentially reaching an average of around $980 per month by 2029.
In summary, East Springfield's housing market has demonstrated remarkable resilience and growth over the past decade. The area has maintained high homeownership rates despite fluctuations in interest rates and significant increases in average home prices. The rental market has remained relatively stable, with modest increases in average rent. Looking forward, the local real estate market is poised for continued growth, albeit at a more measured pace, reflecting the area's enduring appeal and economic stability.
