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Zip Code 46770: Rising Home Values and Stable Ownership in Markle, 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 46770, located in Markle, Indiana, presents an interesting case study of homeownership and housing market dynamics in a small Midwestern community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 46770 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 90%, and by 2022, it had decreased slightly to 87%. During this period, average home prices in the area saw a significant increase. In 2013, the average home price was $125,328, and by 2022, it had risen to $229,282, representing an impressive 82.9% increase over nine years. This upward trend in home prices, coupled with a relatively stable homeownership rate, suggests a resilient housing market in the area.
Federal interest rates have played a role in shaping homeownership trends in zip code 46770. From 2013 to 2016, interest rates remained exceptionally low, hovering between 0.09% and 0.40%. During this period, the homeownership rate in the area remained relatively stable, ranging from 87% to 93%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, the homeownership rate experienced a slight decline, dropping to 84% in 2019. However, when interest rates plummeted to 0.08% in 2021, the homeownership rate rebounded to 86%, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in zip code 46770 have shown a gradual increase over the years, rising from 10% in 2013 to 13% in 2022. This trend has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $732, which increased to $877 by 2016. However, rent prices then experienced some volatility, decreasing to $776 in 2019 before rising again to $809 in 2022. The population of the area has also fluctuated during this period, peaking at 2,989 in 2019 before declining to 2,642 in 2022. These changes in population may have influenced the demand for rental properties and, consequently, rent prices.
Looking at the most recent data, the average home price in zip code 46770 continued its upward trajectory, reaching $240,447 in 2023 and further increasing to $250,849 in 2024. This represents a 9.4% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 46770 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $300,000 to $320,000, assuming a moderate annual growth rate of 3-5%. For average rent prices, we expect a steady increase, potentially reaching $900 to $950 per month by 2029, based on historical trends and accounting for inflation.
In summary, zip code 46770 has demonstrated a resilient housing market with steadily increasing average home prices and a relatively stable homeownership rate. The area has experienced a slight shift towards more renters over the past decade, with fluctuating rent prices influenced by population changes. Recent increases in federal interest rates may impact future homeownership trends and price growth. As the community continues to evolve, these housing market dynamics will play a crucial role in shaping the area's economic landscape.
