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Average Home Values and Ownership in Zip Code 03222: A Decade of Growth in Bristol, New Hampshire
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 03222, located in Bristol, New Hampshire, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, known for its scenic beauty and proximity to Newfound Lake, has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in rental rates.
The homeownership rate in zip code 03222 has shown a gradual increase over time, rising from 74% in 2017 to 79% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2010, the average home price was $167,609, which steadily climbed to $365,070 by 2022, representing a remarkable 118% increase over 12 years. The most dramatic price surge occurred between 2020 and 2022, with average home prices jumping from $241,511 to $365,070, a 51% increase in just two years.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2010 to 2015 saw historically low interest rates, hovering around 0.1% to 0.18%. During this time, homeownership rates remained relatively stable, ranging from 77% to 79%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates initially dipped to 74% in 2017 but then rebounded to 79% by 2022, suggesting that other local factors may have influenced homeownership decisions more strongly than interest rates alone.
The rental market in zip code 03222 has shown some volatility over the years. The percentage of renters decreased from 26% in 2017 to 21% in 2022. Average rent prices fluctuated during this period, peaking at $979 in 2016 before declining to $848 in 2022. This decrease in average rent coincided with a slight increase in population from 5,312 in 2017 to 5,423 in 2022, suggesting that factors such as increased housing supply or local economic conditions may have influenced rental prices more than population growth.
In 2023 and 2024, the housing market in zip code 03222 continued its upward trajectory. The average home price reached $386,538 in 2023 and further increased to $409,512 in 2024, representing a 12% growth over two years. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that the average home prices in zip code 03222 may continue to rise over the next five years, potentially reaching around $475,000 by 2029 if current trends persist. However, the rate of increase may slow down due to higher interest rates and potential market stabilization. Average rent prices are projected to remain relatively stable, possibly fluctuating between $850 and $950, as the area maintains its high homeownership rate.
In summary, zip code 03222 has demonstrated a strong trend towards homeownership, with average home prices more than doubling since 2010. The area has maintained a high proportion of owner-occupied homes despite rising interest rates, suggesting a robust local housing market. While rental rates have shown some variability, they have generally decreased in recent years. The continued rise in home prices, coupled with high interest rates, may present challenges for new homebuyers in the future, but the area remains an attractive location for homeownership.
