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Zip Code 46759: Rising Home Values and Strong Ownership in Rural 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 46759, located in Keystone, Indiana, has experienced notable fluctuations in population and housing dynamics over the past decade. This area has seen significant changes in homeownership rates and property values, reflecting broader economic trends and local market conditions. The homeownership rate in this zip code has remained relatively high, albeit with some variations. In 2013, the area boasted an 88% homeownership rate, which increased to 92% by 2015. However, there was a slight decrease to 79% in 2020, followed by a rebound to 88% in 2022. These changes in homeownership rates have occurred alongside substantial increases in average home prices. In 2011, the average home price was $118,245, which steadily rose to $218,052 by 2022, representing an impressive 84.4% increase over 11 years.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 46759. The period from 2011 to 2016 saw historically low interest rates, ranging from 0.1% to 0.4%. This coincided with the area's highest homeownership rates, peaking at 92% in 2015. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight downward pressure on homeownership, though it remained robust at 88% in 2022.
Renter percentages and average rent prices in zip code 46759 have shown interesting trends. The renter-occupied percentage fluctuated from 12% in 2013 to a low of 8% in 2015 and 2018, before rising to 21% in 2020 and settling at 12% in 2022. Average rent prices have seen significant increases, starting from $564 in 2013 and rising to $840 in 2022, a 48.9% increase. Notably, there was a sharp spike in average rent to $1,121 in 2018, which subsequently moderated.
In 2023 and 2024, the housing market in zip code 46759 continued its upward trajectory. The average home price reached $226,101 in 2023 and further increased to $236,541 in 2024, representing a 4.6% year-over-year growth. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis.
Looking ahead, our predictive models suggest a continued upward trend in both average home prices and rent prices over the next five years. Average home prices are projected to surpass $275,000 by 2029, while average rent prices could approach $1,000 per month. These projections are based on historical trends and current market conditions, assuming a relatively stable economic environment.
In summary, zip code 46759 has demonstrated resilience in its housing market, with consistently high homeownership rates despite fluctuations. The area has seen substantial appreciation in property values and rent prices, outpacing many national averages. The interplay between federal interest rates, homeownership rates, and property values highlights the complex dynamics of the local real estate market. As the area continues to evolve, it presents both opportunities and challenges for residents and potential investors alike.
