Loading Content...
Average Home Values and Ownership in Zip Code 02453: A Decade of Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 02453, located in Waltham, Massachusetts, has experienced significant demographic and real estate changes over the past decade. This area has maintained a consistent split between homeowners and renters, with a slight tendency towards renting. The average home prices and average rent have shown notable increases, reflecting the area's evolving real estate landscape.
The homeownership rate in zip code 02453 has remained relatively stable, fluctuating between 39% and 42% from 2013 to 2022. Despite this stability, average home prices have increased substantially. In 2013, the average home price was $383,245, which rose to $713,169 by 2022, representing an impressive 86% increase over nine years. This trend suggests that while the proportion of homeowners hasn't changed significantly, the value of owned properties has appreciated considerably.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates remained steady at 40-41%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was no immediate impact on homeownership rates, which stayed at 40%. However, by 2021, when interest rates had dropped to a mere 0.08%, homeownership slightly increased to 42%, potentially reflecting the increased affordability of mortgages.
The renter population in zip code 02453 has consistently made up the majority, ranging from 58% to 61% between 2013 and 2022. Average rent prices have shown a steady upward trend during this period. In 2013, the average rent was $1,371, which increased to $1,789 by 2022, a 30.5% rise. This increase in rent prices occurred alongside population growth, from 28,841 in 2013 to 30,539 in 2022, suggesting a consistent demand for rental properties in the area.
In 2023, the average home price in zip code 02453 reached $733,331, a 2.8% increase from 2022. This growth occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $779,623, representing a 6.3% jump from 2023. This continued appreciation is notable given that federal interest rates have risen even higher to 5.33% in 2024, indicating strong demand and resilience in the local housing market.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and average rent in zip code 02453. Projecting the trends observed from 2013 to 2024, we can estimate that over the next five years, average home prices could potentially reach around $950,000 to $1 million. Similarly, average rent prices could increase to approximately $2,100 to $2,300 per month.
In summary, zip code 02453 in Waltham has demonstrated a robust and growing real estate market. The area has maintained a consistent balance between homeowners and renters, with a slight preference for renting. Despite stable homeownership rates, property values have appreciated significantly. Rent prices have also shown steady increases, albeit at a slower pace than home prices. The market has displayed resilience in the face of rising interest rates, suggesting strong underlying demand for housing in this area. These trends point towards a continuing dynamic and potentially lucrative real estate market in zip code 02453 for the foreseeable future.
