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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 46038, located in Fishers, Indiana, has experienced significant demographic and real estate changes over the past decade. This suburban area has seen a notable shift in its homeownership landscape, coupled with fluctuations in average home prices and rent costs.
The homeownership rate in zip code 46038 has shown a gradual decline from 2013 to 2022. In 2013, 78% of residents were homeowners, but by 2022, this figure had decreased to 69%. Conversely, the percentage of renters increased from 22% to 31% during the same period. This shift coincided with a substantial rise in average home prices. In 2013, the average home price was $174,801, which steadily climbed to $340,537 by 2022, representing a 94.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates still decreased from 78% to 73%. This trend continued even as interest rates began to rise, reaching 1.68% in 2022, with homeownership dropping to 69%. This suggests that factors beyond interest rates, such as rising home prices, may have played a more significant role in homeownership trends in this area.
As the percentage of renters increased from 22% in 2013 to 31% in 2022, average rent prices also saw an upward trend. The average rent rose from $1,455 in 2013 to $1,700 in 2022, an increase of 16.8%. This rise in rent prices, while significant, was not as dramatic as the increase in home prices during the same period. The population growth from 36,883 in 2013 to 42,681 in 2022 likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 46038 continued to evolve. The average home price reached $352,412 in 2023 and further increased to $359,053 in 2024. This represents a 3.5% and 1.9% year-over-year increase respectively, indicating a slowing rate of appreciation compared to previous years. 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 46038 may continue to rise, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $400,000, assuming current economic conditions persist. Average rent prices are also expected to increase, potentially reaching $1,900 to $2,000 per month within the same timeframe.
In summary, zip code 46038 has experienced a clear trend of decreasing homeownership rates alongside rapidly increasing average home prices from 2013 to 2022. The rental market has grown, with both the percentage of renters and average rent prices rising. Recent data from 2023 and 2024 shows a continuation of home price appreciation, albeit at a slower rate, coupled with significantly higher interest rates. These trends suggest a shifting real estate landscape in this Indiana suburb, with implications for both current and future residents.