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Zip Code 47470: Average Home Values Double Amid Fluctuating Ownership Rates 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
Williams, Indiana, located in zip code 47470, is a small community that has experienced notable shifts in population, homeownership rates, and housing prices over the past decade. This analysis explores the intricate relationship between ownership trends and housing market dynamics in this rural area. The homeownership rate in Williams has fluctuated over the years, showing a general trend of slight decline followed by a recent uptick. In 2013, the area boasted a 95% homeownership rate. However, this figure decreased to 80% by 2018, before rebounding to 83% in 2022. Concurrently, average home prices in the zip code have shown a consistent upward trajectory. In 2013, the average home price was $104,029, which steadily increased to $210,321 by 2022, representing a substantial 102% increase over this period.
The relationship between federal interest rates and homeownership rates in Williams presents an interesting dynamic. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates actually declined during this period, from 95% to 81%. This suggests that other local factors may have had a more significant influence on homeownership than national interest rates in this particular area.
Renter percentages and average rent prices in Williams have shown some correlation. As the renter population increased from 5% in 2013 to 20% in 2018, average rent prices also rose from $564 to $654 during the same period. However, by 2022, the renter percentage decreased to 17%, while the average rent continued to climb to $670. This indicates that rental prices in the area may be influenced by factors beyond just the proportion of renters, such as overall housing demand and economic conditions.
In 2023 and 2024, the housing market in Williams showed signs of stabilization. The average home price in 2023 was $209,927, a slight decrease from 2022, but it rebounded to $217,639 in 2024. This occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These figures suggest a resilient local housing market that continues to appreciate even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that the housing market in Williams will continue its upward trajectory, albeit at a more moderate pace. Average home prices are projected to increase by approximately 3-4% annually over the next five years, potentially reaching around $255,000 by 2029. Rent prices are expected to follow a similar pattern, with annual increases of 2-3%, potentially bringing the average rent to approximately $750 per month by 2029.
In summary, Williams has experienced significant changes in its housing landscape over the past decade. The area has seen a gradual shift from an overwhelmingly owner-occupied community to one with a more diverse housing tenure mix. Despite fluctuations in homeownership rates and population, housing values have consistently appreciated, demonstrating the area's enduring appeal. The resilience of the local housing market, even in the face of rising interest rates, suggests a strong foundation for continued growth in both home values and rental prices in the coming years.
