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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
ZIP code 46128, located in Fillmore, Indiana, has experienced fluctuating population and housing trends over the past decade. This area has shown resilience in maintaining a high rate of homeownership while navigating changing economic conditions.
The homeownership rate in ZIP code 46128 has remained relatively stable, with a slight overall decline from 88% in 2013 to 83% in 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $126,892, which steadily increased to $254,505 by 2022, representing a significant 100.6% growth over nine years. This substantial rise in home values did not lead to a dramatic decrease in homeownership, suggesting a robust local housing market and potentially strong economic conditions in the area.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership from 85% to 80%. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a rebound in homeownership to 83%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in ZIP code 46128 have shown a modest increase from 12% in 2013 to 17% in 2022. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $1,056, which decreased to $889 in 2015 before rising again to $1,126 in 2019. By 2022, the average rent had stabilized at $1,002. The population during this period also fluctuated, peaking at 2,580 in 2015 and settling at 2,457 in 2022. These changes in population and rent prices suggest a dynamic rental market responding to local economic factors and housing demand.
In 2023 and 2024, the housing market in ZIP code 46128 continued to evolve. The average home price reached $262,079 in 2023 and further increased to $275,359 in 2024, indicating ongoing appreciation in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability in the area.
Looking ahead, predictive models suggest that average home prices in ZIP code 46128 may continue to rise over the next five years, potentially reaching around $320,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, ZIP code 46128 has maintained a high rate of homeownership despite significant increases in average home prices. The area has shown resilience to changing economic conditions, including fluctuations in interest rates and population. The rental market has remained relatively stable, with modest increases in the percentage of renters and average rent prices. As the community moves forward, it appears poised for continued growth in both home values and rental costs, reflecting the overall strength and desirability of the local housing market.