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Zip Code 47575: Rural Indiana's Rising Home Values and Ownership Rates
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
St. Anthony, located in zip code 47575 in Indiana, presents an interesting case study of homeownership and housing market trends. This small community has experienced significant shifts in its ownership rates and housing prices over the past decade, reflecting broader economic changes and local dynamics. The homeownership rate in St. Anthony has shown a notable increase from 2013 to 2022. In 2013, the ownership rate stood at 85%, and by 2022, it had risen to 92%. This upward trend coincides with a substantial increase in average home prices. In 2013, the average home price was $158,938, and by 2022, it had climbed to $268,825, representing a 69% increase over this period. The correlation between rising homeownership rates and increasing home prices suggests a growing demand for housing in the area, possibly driven by the community's desirability or economic opportunities.
Federal interest rates have played a significant role in shaping homeownership trends in St. Anthony. From 2013 to 2016, interest rates remained exceptionally low, hovering between 0.09% and 0.40%. During this period, homeownership rates increased from 85% to 86%, likely encouraged by affordable financing options. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates continued to climb, reaching 95% in 2019. This suggests that other local factors may have been driving homeownership despite rising borrowing costs.
The rental market in St. Anthony has experienced fluctuations over the years. In 2013, the renter-occupied rate was 10%, with an average rent of $724. By 2022, the renter-occupied rate had decreased to 8%, while the average rent had increased to $851, representing a 17.5% rise in rental costs. The declining renter population, coupled with increasing rent prices, might indicate a tightening rental market or a shift towards homeownership in the community.
Looking at the most recent data, average home prices in St. Anthony continued to rise in 2023 and 2024, reaching $275,915 and $288,644 respectively. This represents a 2.6% increase from 2022 to 2023 and a further 4.6% increase from 2023 to 2024. These price increases occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand for housing in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in St. Anthony will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $320,000 to $340,000 by 2029. For rent prices, the trend suggests a continued moderate increase, potentially reaching an average of $950 to $1,000 per month by 2029.
In summary, St. Anthony has experienced a significant increase in homeownership rates and average home prices over the past decade. Despite recent increases in interest rates, the housing market has remained robust, with continued price appreciation. The rental market has seen a decrease in the renter population but an increase in average rents. These trends point to a strong housing market in the area, with a preference for homeownership among residents.
