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Zip Code 44643: Average Home Values and Ownership in Rural Ohio Village
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 44643, located in Magnolia, Ohio, presents an interesting case study in homeownership and housing market trends. This area has experienced fluctuations in both population and housing dynamics over the past decade, with a generally high rate of homeownership and steadily increasing average home prices.
The homeownership rate in zip code 44643 has remained relatively stable, hovering around 80% throughout the observed period. In 2013, the homeownership rate was 82%, and it reached its peak of 84% in 2018. Concurrently, average home prices have shown a consistent upward trend. In 2010, the average home price was $116,603, and by 2022, it had increased to $209,596, representing a significant 79.8% growth over 12 years. This steady rise in home values, coupled with the high homeownership rate, suggests a strong and desirable housing market in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 44643. From 2010 to 2015, when interest rates were historically low (ranging from 0.1% to 0.18%), the homeownership rate remained stable at around 81-82%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 79% in 2022. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Regarding rental trends, the percentage of renters in zip code 44643 has remained relatively low, fluctuating between 16% and 20% from 2013 to 2022. The average rent prices have shown some volatility but with an overall upward trend. In 2013, the average rent was $673, which increased to $801 in 2017, representing a 19% increase. However, there was a slight decline to $703 in 2019 before rising again to $717 in 2022. The population of the area has also fluctuated, from 2,815 in 2013 to 2,556 in 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the housing market in zip code 44643 continued its upward trajectory. The average home price reached $217,828 in 2023 and further increased to $227,279 in 2024, representing a 4.3% year-over-year growth. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 44643 will likely continue to appreciate over the next five years. Assuming a conservative annual growth rate of 4%, we could expect the average home price to reach approximately $276,000 by 2029. For rent prices, if we consider the average annual increase of about 2% observed in recent years, we might see average rents climb to around $790 per month by 2029.
In summary, zip code 44643 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to fluctuations in interest rates and population, maintaining a strong preference for homeownership. While rental prices have shown some volatility, they too have trended upward overall. The continued rise in home values, coupled with recent increases in interest rates, may present both opportunities and challenges for future homeowners and investors in this Ohio community.
