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Zip Code 46184: Rising Home Values and Ownership in Whiteland, Indiana
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 46184, located in Whiteland, Indiana, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates and average home prices, while average rent prices have fluctuated.
The homeownership rate in zip code 46184 has shown a generally upward trend from 2013 to 2022. In 2013, the homeownership rate was 84%, which increased to 85% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price was $108,927, which more than doubled to $240,078 by 2022. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 46184. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, fluctuating between 81% and 84%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), the homeownership rate actually increased, reaching 84% in 2019. This could indicate that local factors, such as job growth or improved economic conditions, may have outweighed the impact of rising interest rates during this period.
The renter population in zip code 46184 has remained relatively stable, with slight fluctuations over the years. In 2013, the renter-occupied percentage was 15%, which remained the same in 2022. Average rent prices, however, have shown some volatility. In 2013, the average rent was $1,221, which decreased to $1,071 in 2018 before rising again to $1,123 in 2022. This fluctuation in rent prices, coupled with the steady renter population, suggests that other factors such as local economic conditions or housing supply may have influenced rent prices more than demand from renters.
As of 2024, the average home price in zip code 46184 has reached $254,743, showing continued growth from the 2022 figure. This represents a 6.11% increase from the 2022 average price of $240,078. Interestingly, the federal interest rate in 2024 is 5.33%, which is significantly higher than the 1.68% rate in 2022. Despite this substantial increase in interest rates, home prices have continued to rise, indicating strong demand and possibly limited supply in the area.
Looking ahead, based on the historical trends and current market conditions, we can expect the average home prices in zip code 46184 to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are likely to show modest increases, reflecting the area's steady renter population and overall housing market growth.
In summary, zip code 46184 has demonstrated a robust housing market characterized by increasing homeownership rates and rising average home prices. The area has shown resilience in the face of fluctuating interest rates, with home values continuing to appreciate even as rates have risen. The rental market has remained stable in terms of occupancy, with some fluctuations in average rent prices. These trends suggest a strong local economy and a desirable living environment in Whiteland, Indiana.
