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Zip Code 45693: Rising Home Values and Strong Ownership in West Union, 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
West Union, located in zip code 45693 in Ohio, presents an intriguing case study of housing trends over the past decade. This rural community has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic shifts and local market dynamics.
The homeownership rate in West Union has shown resilience, with a notable increase from 63% in 2015 to 72% in 2022. This upward trend in homeownership coincided with a significant rise in average home prices. In 2015, the average home price was $94,447, which steadily increased to $158,270 by 2022, representing a substantial 67.6% growth over seven years. This correlation suggests that despite rising prices, more residents were able to enter the housing market, possibly due to improved economic conditions or attractive financing options.
Federal interest rates have played a crucial role in shaping homeownership trends in West Union. The period from 2015 to 2020 saw historically low interest rates, ranging from 0.13% to 0.38%. This low-interest environment likely contributed to the increase in homeownership, as it made mortgage financing more affordable for potential buyers. The sharp rise in homeownership from 63% in 2015 to 70% in 2020 aligns with this period of low interest rates, demonstrating the impact of monetary policy on local housing markets.
Conversely, the rental market in West Union has shown interesting fluctuations. The percentage of renters increased from 25% in 2013 to a peak of 34% in 2016, before declining to 28% by 2022. Average rent prices have been volatile, dropping from $552 in 2013 to a low of $467 in 2015, then rising to $574 in 2022. This represents a modest 4% increase in average rent over a nine-year period, significantly lower than the growth in home prices. The population decline from 9,106 in 2013 to 8,420 in 2022 may have influenced these rental market dynamics, potentially easing demand pressure on rental properties.
In 2023 and 2024, West Union continued to see growth in the housing market. The average home price reached $160,804 in 2023 and further increased to $168,881 in 2024, marking a 5% rise in just one year. This growth occurred despite the Federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing even in a higher interest rate environment.
Looking ahead, predictive models suggest that average home prices in West Union may continue their upward trajectory over the next five years, potentially reaching around $190,000 by 2029. This projection is based on the consistent growth trend observed since 2015. Average rent prices, which have shown more modest increases, are predicted to grow at a slower rate, potentially reaching about $620 by 2029.
In summary, West Union has demonstrated a robust housing market with increasing homeownership rates and substantial growth in average home prices. The impact of federal interest rates on homeownership has been evident, with low rates corresponding to higher ownership levels. The rental market has been more stable, with slower growth in average rents compared to home prices. As the community moves forward, it appears poised for continued growth in both homeownership and property values, reflecting the area's evolving economic landscape.
