Loading Content...
Zip Code 46040: Rising Home Values and Ownership Rates in Fishers, Indiana
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 46040, located in Fishers, Indiana, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a strong trend towards homeownership, with a generally increasing average home price and fluctuating average rent prices.
The homeownership rate in zip code 46040 has seen a notable increase from 81% in 2013 to 85% in 2022. This upward trend coincides with a substantial rise in average home prices, which grew from $243,582 in 2013 to $455,094 in 2022, representing an impressive 86.8% increase over nine years. The peak of homeownership was observed in 2020 and 2021 at 87%, coinciding with average home prices of $337,119 and $389,690 respectively.
Federal interest rates have played a significant role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the increase in homeownership from 81% to 82%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), homeownership continued to climb, reaching 87% by 2019, suggesting other factors were also at play in driving homeownership in this zip code.
Renter percentages in zip code 46040 have generally decreased, from 18% in 2013 to 15% in 2022, with some fluctuations in between. Average rent prices have shown volatility, starting at $1,019 in 2013, peaking at $1,114 in 2017, and then decreasing to $1,010 in 2022. Interestingly, the lowest renter percentage of 13% was maintained from 2019 to 2021, despite varying average rent prices during this period. The population growth from 12,166 in 2013 to 16,446 in 2022 may have influenced the rental market dynamics.
Looking at the most recent data, average home prices in zip code 46040 continued to rise, reaching $466,738 in 2023 and $474,096 in 2024. This represents a 2.5% increase from 2022 to 2023 and a further 1.6% increase from 2023 to 2024. Notably, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and home prices.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in zip code 46040 to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $525,000 by 2029. Average rent prices may stabilize or show modest increases, potentially reaching around $1,150 by 2029, assuming continued population growth and economic stability in the area.
In summary, zip code 46040 has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices. The area has shown resilience in maintaining high homeownership rates even as federal interest rates have fluctuated. The rental market has become a smaller segment of the housing landscape, with average rent prices showing more volatility than the steadily increasing home prices. The coming years may see a moderation in home price growth and stabilization in the rental market, influenced by higher interest rates and continued population growth.
