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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 46037, located in Fishers, Indiana, has experienced significant growth and changes in its housing market over the past decade. This suburban area has seen a steady increase in population and housing prices, accompanied by shifts in homeownership rates and rental trends.
The homeownership rate in zip code 46037 has shown a gradual decline from 2013 to 2022. In 2013, 88% of housing units were owner-occupied, but this figure decreased to 80% by 2022. During this same period, average home prices in the area rose substantially. In 2013, the average home price was $248,781, and by 2022, it had increased to $437,049, representing a 75.7% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a role in homeownership trends in zip code 46037. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 85%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 80%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 46037 has increased from 10% in 2013 to 20% in 2022, doubling over the decade. Interestingly, average rent prices have not shown a consistent upward trend during this period. In 2013, the average rent was $1,422, and it fluctuated over the years, reaching $1,401 in 2022. The increase in the renter population, from 3,654 in 2013 to 8,838 in 2022, suggests that despite relatively stable rent prices, more residents are opting for or being driven towards renting rather than owning homes.
In 2023 and 2024, the housing market in zip code 46037 continued to evolve. The average home price increased to $448,566 in 2023 and further to $455,136 in 2024, showing a continued upward trend in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 46037 may continue to rise over the next five years, potentially reaching around $500,000 by 2029 if current trends persist. Average rent prices are expected to show moderate increases, potentially reaching $1,500 to $1,600 per month in the same timeframe.
In summary, zip code 46037 has experienced a shift towards more renters and fewer homeowners over the past decade, likely influenced by rising home prices and fluctuating interest rates. Despite these changes, the area remains predominantly owner-occupied, with a strong housing market characterized by steadily increasing property values. The interplay between population growth, housing prices, and rental trends will continue to shape the residential landscape of this Indiana suburb in the coming years.