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Average Home Values and Ownership in Clinton, MS: Zip Code 39056's Resilient Housing Market
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
Clinton, Mississippi, zip code 39056, is a vibrant city with a dynamic real estate market. Over the past decade, this area has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions. The homeownership rate in Clinton has remained relatively stable, fluctuating between 66% and 70% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $135,036, which steadily increased to $216,507 by 2022, representing a substantial 60.3% growth over nine years. This rise in home values has outpaced changes in the homeownership rate, suggesting that while property values have appreciated significantly, it hasn't drastically altered the proportion of homeowners in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Clinton. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which coincided with a slight increase in homeownership from 69% to 70% between 2013 and 2014. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a minor decline in homeownership to 67%. The sharp drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) corresponded with a rebound in homeownership to 70% in 2020.
Renter percentages in Clinton have generally mirrored the inverse of homeownership rates, ranging from 29% to 33% between 2013 and 2022. Average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $1,026, which rose to $1,234 by 2021, an increase of 20.3%. However, there was a slight decrease to $1,164 in 2022. The renter population has remained relatively stable despite these rent increases, suggesting a continued demand for rental properties in the area.
In 2023 and 2024, Clinton's real estate market continued its upward trajectory. The average home price reached $226,543 in 2023 and further increased to $229,872 in 2024, showing a 4.6% and 1.5% year-over-year growth respectively. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that both average home prices and rent prices in Clinton are likely to continue their upward trend over the next five years. Home prices are projected to increase by approximately 3-4% annually, potentially reaching around $270,000 by 2029. Rent prices are expected to grow at a slightly slower rate of 2-3% per year, potentially reaching about $1,350 by 2029.
In summary, Clinton's real estate market has demonstrated resilience and growth over the past decade. The steady increase in home values, coupled with relatively stable homeownership rates, indicates a robust housing market. The recent rise in interest rates hasn't significantly dampened home price growth, suggesting strong underlying demand. Rental markets have also shown strength, with increasing prices not substantially altering the renter population. These trends point to Clinton's continued attractiveness as a residential area, with potential for further growth in both the homeownership and rental sectors.
