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Zip Code 45833: Rising Home Values and Stable Ownership in Delphos, 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 45833, encompassing Delphos in Ohio, presents an intriguing case study of homeownership and housing market trends. This area has experienced fluctuations in both ownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 45833 has shown some variability from 2013 to 2022. In 2013, the ownership rate stood at 78%, reaching its peak during the observed period. However, by 2017, it had decreased to 74%, indicating a shift towards renting. The ownership rate then stabilized at 75% from 2019 to 2021, before rising slightly to 77% in 2022. Concurrently, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $100,128, and it rose steadily to reach $163,658 by 2022, representing a substantial 63.4% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 45833. From 2013 to 2015, when interest rates were extremely low (ranging from 0.11% to 0.13%), homeownership rates remained high at 78%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, we observed a decline in homeownership to 74%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 45833 have mirrored the changes in homeownership rates, increasing from 22% in 2013 to 26% in 2017 and 2018, before settling at 23% in 2022. Average rent prices have shown volatility during this period. In 2013, the average rent was $662, rising to a peak of $800 in 2017. Since then, rent prices have fluctuated, reaching $699 in 2022. These changes in rent prices and renter percentages may be influenced by factors such as local economic conditions and housing supply.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 45833. The average home price reached $171,318 in 2023 and further increased to $181,541 in 2024. This represents a significant jump of 11% from 2022 to 2024. Notably, federal interest rates also rose sharply during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 45833 may continue to rise over the next five years, potentially reaching around $210,000 by 2029 if current trends persist. Rent prices, which have shown more volatility, are projected to stabilize and potentially increase moderately, possibly reaching an average of $750-$800 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 45833 has experienced a general trend of increasing home values alongside fluctuations in homeownership rates. The interplay between federal interest rates, local economic conditions, and housing market dynamics has shaped these trends. The recent sharp increase in both home prices and interest rates suggests a potentially changing landscape for both homeowners and renters in this area, warranting continued observation of these evolving trends.
