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Zip Code 45843: Rising Home Values and Ownership in Forest, 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 45843, located in Forest, Ohio, presents an intriguing case study of homeownership and housing market trends. This area has experienced notable shifts in its residential landscape over the past decade, with a clear trend towards increased homeownership and rising average home prices. The homeownership rate in zip code 45843 has shown a steady upward trajectory, increasing from 74% in 2013 to 82% in 2022. This substantial 8% rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $99,370, which grew to $167,804 by 2022, representing a remarkable 68.9% increase over this period. This trend suggests a strong correlation between rising home values and the growing preference for homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 45843. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership in the area increased from 74% to 78%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to climb, albeit at a slower pace, reaching 82% by 2022. This trend indicates that while low interest rates initially spurred homeownership growth, other factors such as local economic conditions and housing market dynamics continued to support this trend even as rates increased.
Conversely, the renter population in zip code 45843 has been decreasing, from 26% in 2013 to 18% in 2022. Despite this decline, average rent prices have shown an overall upward trend. In 2013, the average rent was $644, which increased to $722 by 2022, a 12.1% rise. This increase in rent prices, coupled with the decreasing renter population, suggests a tightening rental market, possibly driven by the conversion of rental properties to owner-occupied homes or increased demand for the remaining rental units.
Looking at the most recent data, average home prices in zip code 45843 continued to rise, reaching $172,334 in 2023 and $179,944 in 2024. This represents a further 7.2% increase from 2022 to 2024. Simultaneously, federal interest rates have climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 45843 will continue to rise, potentially reaching around $210,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $780-$800 per month by 2029, assuming the current trends in population and housing supply continue.
In summary, zip code 45843 has demonstrated a strong shift towards homeownership, with rising average home prices and a decreasing renter population. The area has shown resilience in maintaining this trend even as interest rates have increased. The continued rise in both home prices and rent suggests a robust housing market in this Ohio community, with homeownership remaining the predominant choice for residents.
