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Average Home Values and Ownership in Zip Code 03055: Milford's Evolving 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
Zip code 03055, located in Milford, New Hampshire, has experienced notable shifts in homeownership, average home prices, and average rent prices over the past decade. This area, known for its picturesque New England charm, has seen a gradual increase in population density, rising from 585.09 people per square mile in 2010 to 637.1 in 2022.
The homeownership rate in this zip code has fluctuated over the years, showing a general downward trend. In 2013, the homeownership rate stood at 63%, and by 2022, it had decreased slightly to 62%. This change coincided with a significant increase in average home prices. In 2016, the average home price was $238,065, and by 2022, it had risen to $410,238, representing a 72.3% increase over six years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, hovering around 63-65%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed a slight decline, dropping to 62% by 2022.
Renter percentages in zip code 03055 have shown an inverse relationship to homeownership rates, naturally increasing as homeownership decreased. The renter-occupied percentage rose from 37% in 2013 to 38% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,385, which decreased to $1,210 in 2016 before rising again to $1,241 in 2022. This represents an overall decrease of 10.4% in average rent prices from 2013 to 2022, despite the increase in renter percentage.
Looking at the most recent data for 2023 and 2024, we see a continuation of the upward trend in average home prices. In 2023, the average home price in zip code 03055 reached $439,867, and in 2024, it further increased to $465,947. This represents a 6% year-over-year increase from 2023 to 2024. Simultaneously, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices for zip code 03055, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $550,000 by 2029. Average rent prices may also see a moderate increase, potentially reaching around $1,400 by 2029, assuming the current trends continue.
In summary, zip code 03055 has experienced a slight decrease in homeownership rates over the past decade, coupled with a substantial increase in average home prices. Despite fluctuations, average rent prices have shown an overall decrease since 2013. The area has seen consistent population growth, which may continue to influence housing demand and prices in the coming years. The recent sharp increase in interest rates may play a significant role in shaping future homeownership trends and housing affordability in this New Hampshire community.
