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Zip Code 46319: Rising Home Values and Ownership Rates in Griffith, 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 46319, located in Griffith, Indiana, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 10.22 square miles, has seen a general trend towards increased homeownership and rising property values.
The ownership percentage in zip code 46319 has shown a steady increase from 72% in 2013 to 78% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $114,810, which steadily climbed to $215,517 by 2022, representing an impressive 87.7% increase over nine years. This correlation suggests that despite rising home prices, more residents in the area have been able to transition into homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 46319. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. These low rates likely contributed to the increase in homeownership, as they made mortgage financing more affordable for potential buyers. The homeownership rate rose from 72% in 2013 to 78% in 2020, aligning with this period of low interest rates.
While homeownership increased, the percentage of renters in zip code 46319 decreased from 28% in 2013 to 22% in 2022. Interestingly, despite this decrease in the renter population, average rent prices showed an overall upward trend. The average rent rose from $903 in 2013 to $946 in 2022, an increase of 4.8%. This suggests that even with fewer renters, demand for rental properties remained strong enough to support rising rent prices.
In 2023, the average home price in zip code 46319 reached $226,695, continuing the upward trend seen in previous years. This represents a 5.2% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than the rates seen in the previous decade. Moving into 2024, the average home price has further increased to $239,676, a 5.7% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 46319 could potentially reach around $280,000 by 2029. Similarly, average rent prices might increase to approximately $1,100 per month in the same timeframe.
In summary, zip code 46319 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. Despite rising home prices and recent increases in interest rates, the area has maintained a strong housing market with growing homeownership rates. The rental market, while shrinking in terms of percentage of occupants, has seen modest increases in average rent prices. These trends reflect a dynamic and evolving housing landscape in this Indiana community.
