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Antrim, NH: Rising Home Values and Ownership Rates in a Small 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
Antrim, located in New Hampshire, is a small community that has experienced notable fluctuations in its housing market over the past decade. The city has seen significant shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Antrim has shown an overall upward trend, with some fluctuations. In 2013, the homeownership rate was 62%, which increased to 80% by 2022. This substantial rise in homeownership coincided with a steady increase in average home prices. In 2016, the average home price was $180,675, which rose to $317,313 by 2022, representing a 75.6% increase over six years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Antrim. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the overall increase in homeownership rates, as more affordable financing options likely encouraged home purchases. For instance, when interest rates were at 0.08% in 2021, the homeownership rate reached 71%, one of the highest levels in recent years.
Renter percentages in Antrim have generally decreased as homeownership rates increased. In 2013, 38% of residents were renters, which declined to 20% by 2022. Despite this decrease in the renter population, average rent prices have shown an upward trend. The average rent increased from $825 in 2013 to $890 in 2022, representing a 7.9% increase over nine years. This rise in rent prices, despite a decreasing renter population, could be attributed to factors such as improved housing quality or increased demand for the limited rental properties available.
In 2023 and 2024, Antrim continued to experience growth in its housing market. The average home price reached $343,242 in 2023 and further increased to $370,235 in 2024, representing a 7.9% year-over-year increase. This growth occurred despite higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Antrim will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the overall appreciation of property values in the area. However, the rate of increase may be moderated by the high homeownership rate, which could limit demand for rental properties.
In summary, Antrim has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in average home prices. The interplay between federal interest rates, homeownership rates, and property values has been a key factor in shaping the local housing market. As the community continues to evolve, these trends will likely play a crucial role in determining the future of Antrim's housing landscape.
