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Zip Code 46365: Rising Home Values and High Ownership Rates in Fish Lake, 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
Fish Lake, located in zip code 46365 in Indiana, presents an intriguing case study of homeownership and housing market trends. This small community has experienced significant fluctuations in its population and housing dynamics over the past decade. The area has seen a general trend of increasing homeownership rates, coupled with rising average home prices and fluctuating average rent prices.
The ownership percentage in Fish Lake has shown a notable upward trend, rising from 81% in 2013 to 86% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $154,129, which steadily increased to $265,965 by 2022, representing a 72.6% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Fish Lake. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in the area increased from 81% to 84%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 86% in 2022. This suggests that despite rising interest rates, other factors such as local economic conditions and housing market dynamics may have had a stronger influence on homeownership decisions in this particular zip code.
The renter percentage in Fish Lake has correspondingly decreased from 19% in 2013 to 14% in 2022. Interestingly, average rent prices have shown a more volatile trend. The average rent peaked at $1,124 in 2013 and 2014, then generally declined to $922 in 2019 before rising again to $1,057 in 2022. This fluctuation in rent prices, coupled with the decreasing renter percentage, may indicate a shift in housing preferences or changes in the local rental market supply and demand dynamics.
Looking at the most recent data, the average home price in Fish Lake continued its upward trajectory, reaching $281,717 in 2023 and further increasing to $287,702 in 2024. This represents a 6% increase from 2022 to 2023 and a 2.1% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Fish Lake will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $320,000 to $340,000, assuming a moderate annual growth rate of 2-3%. Average rent prices are expected to follow a similar upward trend, potentially reaching $1,200 to $1,300 per month by 2029, reflecting a steady increase in line with inflation and housing demand.
In summary, Fish Lake has experienced a significant increase in homeownership rates and average home prices over the past decade, despite fluctuations in population and average rent prices. The community has shown resilience in maintaining high homeownership rates even in the face of rising interest rates. As we look towards the future, the local housing market is poised for continued growth, with both home prices and rent likely to increase moderately over the next five years.
