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Average Home Values and Ownership in Zip Code 03043: A Rural New Hampshire Area Defying Trends
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
Francestown, located in zip code 03043 in New Hampshire, has experienced significant changes in homeownership rates and property values over the past decade. This analysis examines the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics. The homeownership rate in Francestown has shown a general upward trend, increasing from 88% in 2013 to 95% in 2022. This significant rise in homeownership coincides with a substantial increase in average home prices, which grew from $238,269 in 2010 to $417,246 in 2022, representing a 75% increase over this period.
Examining the relationship between federal interest rates and homeownership rates reveals an interesting pattern. Despite historically low interest rates between 2013 and 2021, ranging from 0.08% to 1.83%, the homeownership rate in Francestown remained relatively stable, fluctuating between 88% and 92%. However, a notable increase in homeownership occurred in 2022, reaching 95%, even as interest rates rose to 1.68%. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in driving homeownership in this area.
The renter population in Francestown has experienced a corresponding decrease, dropping from 12% in 2013 to 5% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. Starting at $1,121 in 2013, rent prices fluctuated, reaching a low of $893 in 2016 before climbing to $1,297 in 2022. This 45% increase in average rent from 2016 to 2022 occurred despite the declining renter population, suggesting a potential shortage of rental properties or an increase in the quality of available rentals.
Looking at the most recent data, average home prices in Francestown continued to rise, reaching $449,956 in 2023 and $471,994 in 2024. This represents a 13.1% increase from 2022 to 2024, indicating a strong and growing housing market. Concurrently, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activity and potentially slow the rate of price appreciation.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Francestown will continue to rise, albeit at a potentially slower pace due to higher interest rates. Projections suggest that by 2029, average home prices could reach approximately $550,000 to $600,000, representing a 16% to 27% increase from 2024 levels. Average rent prices are expected to follow a similar upward trajectory, potentially reaching $1,500 to $1,700 per month by 2029, an increase of 16% to 31% from 2022 levels.
In summary, Francestown has experienced a significant increase in homeownership rates and property values over the past decade. The community has seen a substantial rise in average home prices, a decline in the renter population, and volatile but generally increasing rent prices. Recent data shows continued growth in home values despite rising interest rates, suggesting a robust local real estate market. Future trends indicate potential for further appreciation in both home prices and rents, although the pace may moderate due to economic factors and interest rate environments.
