Loading Content...
Zip Code 46835: Rising Home Values and Stable Ownership in Fort Wayne, 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 46835, located in Fort Wayne, Indiana, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while ownership rates have fluctuated slightly but remained relatively stable.
The homeownership rate in zip code 46835 has shown minor variations over the years, with a slight overall increase. In 2013, the homeownership rate was 72%, which remained consistent through 2018. There was a slight dip to 70% in 2020, followed by a rebound to 74% in 2022. Interestingly, this trend coincides with changes in average home prices. The average home price in the area increased steadily from $114,528 in 2013 to $220,793 in 2022, representing a substantial 92.8% increase over this period.
Federal interest rates appear to have influenced homeownership rates in this zip code. For instance, the period from 2013 to 2015 saw relatively low interest rates (0.11% to 0.13%), corresponding with stable homeownership rates of 72-73%. As interest rates began to rise more significantly from 2016 onwards, reaching 2.16% in 2019, homeownership rates remained steady at 72%, suggesting resilience in the local housing market. The sharp drop in interest rates to 0.08% in 2021 coincided with an increase in homeownership to 74%, potentially reflecting increased affordability of mortgages.
Renter percentages in zip code 46835 have shown an inverse relationship to homeownership rates, as expected. The renter percentage was 28% in 2013 and remained relatively stable until 2020 when it peaked at 30%. This peak coincided with the lowest homeownership rate of 70%. Interestingly, average rent prices have generally increased over this period, rising from $925 in 2013 to $993 in 2022, a 7.4% increase. This trend suggests that despite rising rent prices, the rental market has maintained a consistent share of the housing market in this zip code.
In 2023 and 2024, we see a continuation of the upward trend in average home prices in zip code 46835. The average home price reached $236,433 in 2023 and further increased to $246,131 in 2024, representing a 4.1% year-over-year increase. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices in zip code 46835 could potentially reach around $285,000 by 2029, assuming a moderate annual growth rate of 3%. Average rent prices might increase to approximately $1,150 per month, based on a projected annual increase of 3%.
In summary, zip code 46835 has demonstrated a robust housing market with steadily increasing average home prices and relatively stable homeownership rates. The area has shown resilience to fluctuations in federal interest rates, maintaining strong homeownership levels even as rates have risen. The rental market has also remained steady, with gradual increases in average rent prices. As we look to the future, the trends suggest continued growth in both home values and rental prices, indicating a potentially strong and stable housing market in this Fort Wayne zip code.
