Loading Content...
Zip Code 46765: Rising Home Values and High Ownership Rates in Leo-Cedarville, Indiana
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 46765, located in Leo-Cedarville, Indiana, presents an intriguing case study of homeownership and housing market trends. This area has maintained exceptionally high homeownership rates over the past decade, with a slight increase from 95% in 2020 to 97% in 2022. Concurrently, average home prices have shown a steady upward trajectory, while average rent prices have fluctuated.
The relationship between homeownership rates and average home prices in zip code 46765 demonstrates a positive correlation. Despite the significant increase in average home prices from $178,916 in 2010 to $338,149 in 2022, homeownership rates remained consistently high, even showing a slight increase. This suggests a strong local preference for homeownership and a resilient housing market. The most substantial jump in average home prices occurred between 2020 and 2022, with a 28.7% increase from $262,746 to $338,149.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2010 to 2021 saw historically low interest rates, ranging from 0.08% to 2.16%. These low rates likely contributed to the sustained high homeownership rates in zip code 46765 by making mortgage financing more affordable. The slight increase in homeownership from 95% in 2020 to 97% in 2022 coincided with interest rates rising from 0.38% to 1.68%, suggesting that local factors may have outweighed the impact of rising rates.
Renter percentages in zip code 46765 have remained consistently low, fluctuating between 2% and 5% from 2013 to 2022. Average rent prices showed significant variability, with a notable increase from $564 in 2018 to $1,151 in 2022, representing a 104% rise. This substantial increase in average rent prices, coupled with the area's growing population from 3,564 in 2018 to 4,349 in 2022, suggests a tightening rental market despite the small percentage of renters.
In 2023 and 2024, the housing market in zip code 46765 continued its upward trajectory. Average home prices reached $355,077 in 2023 and further increased to $367,578 in 2024, representing a 5% and 3.5% year-over-year growth, respectively. This growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, indicating the local housing market's resilience to higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 46765 may continue to rise over the next five years, albeit at a more moderate pace. Based on historical trends, we can project an average annual growth rate of approximately 4-5%, potentially reaching around $445,000 by 2029. Average rent prices are also expected to increase, possibly at a rate of 3-4% annually, which could bring the average rent to approximately $1,350 by 2029.
In summary, zip code 46765 exhibits a remarkably stable and high rate of homeownership, even in the face of rising home prices and interest rates. The area's growing population and increasing property values suggest a strong local economy and high demand for housing. While the rental market represents a small portion of the housing landscape, it has seen significant price increases, reflecting the overall upward pressure on housing costs in the area.
