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Alton, NH: Rising Home Values and Ownership Rates Reshape Picturesque Community
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
Alton, New Hampshire, a picturesque community in the Lakes Region, has experienced significant changes in homeownership rates and property values over the past decade. Known for its natural beauty and recreational opportunities, this small town has seen a strong trend towards increased homeownership, rising from 84% in 2013 to 93% in 2022. Concurrently, average home prices have more than doubled, climbing from $236,353 in 2010 to $511,843 in 2022.
The relationship between homeownership rates and average home prices in Alton has been notably positive. As homeownership increased from 84% in 2013 to 92% in 2019, average home prices rose from $233,266 to $314,950 during the same period. This trend continued into 2022, with homeownership reaching 93% and average home prices surging to $511,843, representing a 117% increase from 2010 levels.
Federal interest rates have played a significant role in shaping homeownership trends in Alton. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.14%, coincided with the steady increase in homeownership rates. This low-interest environment likely made mortgages more affordable, encouraging more residents to purchase homes. The sharp rise in interest rates to 1.68% in 2022 did not immediately impact the high homeownership rate, which reached its peak of 93% that year.
Renter percentages in Alton have shown a consistent decline, dropping from 14% in 2013 to just 7% in 2022. Interestingly, average rent prices have fluctuated significantly during this period. In 2013, the average rent was $1,157, which decreased to $917 in 2014. However, rent prices saw a dramatic spike to $1,820 in 2018 before settling at $1,301 in 2022. These fluctuations in rent prices, coupled with the overall trend of declining renter percentages, suggest a strong preference for homeownership in the community, possibly driven by the rising property values and the potential for equity growth.
In 2023 and 2024, Alton continued to experience growth in average home prices. The average home price reached $539,105 in 2023 and further increased to $565,764 in 2024, representing a 10.5% increase over two years. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for Alton over the next five years. Assuming a conservative annual growth rate of 5%, average home prices could reach approximately $722,000 by 2029. Rent prices, which have shown more volatility, may stabilize or see modest increases, potentially reaching around $1,500 per month by 2029 if following a 3% annual growth rate.
In summary, Alton has demonstrated a strong trend towards homeownership, with rates increasing from 84% to 93% between 2013 and 2022. This shift has been accompanied by substantial growth in average home prices, more than doubling from 2010 to 2022. The community has shown resilience to rising interest rates, with home prices continuing to climb in 2023 and 2024. These trends suggest a robust and desirable housing market in Alton, with a clear preference for homeownership among residents.
