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Zip Code 43964: Rising Home Values and Ownership Trends in Toronto, 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
Zip code 43964, located in Toronto, Ohio, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has shown resilience in maintaining a high rate of owner-occupied housing while navigating fluctuations in both average home prices and average rent costs.
The homeownership rate in zip code 43964 has demonstrated a strong upward trend, particularly in recent years. In 2013, the owner-occupied percentage stood at 78%, which dipped to 70% by 2018. However, there has been a significant rebound since then, with the ownership rate climbing back to 79% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. From 2016 to 2022, average home prices in the area surged from $79,826 to $120,004, representing a remarkable 50.3% increase over six years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite the Federal Reserve's gradual increase in interest rates from 0.13% in 2015 to 2.16% in 2019, the area maintained a relatively stable homeownership rate. This suggests that local factors may have a more significant influence on homeownership trends in this specific market than national interest rate policies.
Rental trends in zip code 43964 have shown some volatility. The percentage of renter-occupied housing peaked at 29% in 2018 but has since decreased to 21% in 2022. Interestingly, this decline in the renter population has been accompanied by a general downward trend in average rent prices. Average rent peaked at $699 in 2013 and has since decreased to $554 in 2022, a 20.7% reduction. This drop in average rent prices, coupled with the declining renter population, suggests a shift towards homeownership in the area.
Looking at the most recent data, average home prices in zip code 43964 continued to rise, reaching $121,638 in 2023 and further increasing to $126,903 in 2024. This represents a 4.3% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, the continued appreciation in home values indicates strong demand in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 43964 will continue to appreciate, albeit at a potentially slower rate due to the higher interest rate environment. Average home prices could reach approximately $145,000 to $150,000 by 2029. Average rent prices, which have been on a downward trend, may stabilize or see modest increases, potentially reaching around $600 to $625 per month in the next five years.
In summary, zip code 43964 has demonstrated a robust housing market characterized by increasing homeownership rates and rising average home prices. The area has bucked national trends by maintaining strong homeownership levels even during periods of rising interest rates. The declining rental market, both in terms of population and average rent prices, further underscores the shift towards homeownership in this community. As we look to the future, the housing market in this zip code appears poised for continued growth, with homeownership likely to remain a dominant feature of the local real estate landscape.
