Loading Content...
Average Home Values and Ownership in Zip Code 03442: A Decade of Changes in Bennington, New Hampshire
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 03442, located in Bennington, New Hampshire, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a gradual shift from predominantly owner-occupied housing to an increasing number of renters, alongside fluctuating average home and rent prices.
The ownership percentage in zip code 03442 has shown a notable decline from 2013 to 2022. In 2013, 71% of housing units were owner-occupied. This rate peaked at 80% in 2016 before steadily decreasing to 62% by 2022. Conversely, average home prices have shown a substantial increase. In 2016, the average home price was $141,662, rising to $274,337 by 2022, representing a 93.7% increase over six years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were historically low (0.11% to 0.40%), homeownership rates in the area increased from 71% to 80%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 62%. This inverse relationship suggests that higher interest rates may have contributed to decreased affordability and lower homeownership rates in the area.
The percentage of renters in zip code 03442 has increased from 29% in 2013 to 38% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $1,019, peaking at $1,092 in 2020 before dropping to $954 in 2022. This represents a 6.4% decrease in average rent from 2013 to 2022, despite the increasing proportion of renters. The population growth from 1,297 in 2013 to 1,319 in 2022 may have influenced the rental market dynamics.
In 2023 and 2024, average home prices in zip code 03442 continued to rise, reaching $301,618 in 2023 and $316,811 in 2024. This represents a 15.4% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 03442 will continue to increase over the next five years, potentially reaching around $400,000 by 2029. However, this growth rate may slow down due to the higher interest rates. Average rent prices, which have shown some volatility, are likely to stabilize and potentially increase moderately, possibly reaching $1,100-$1,200 per month by 2029, driven by the increasing renter population and overall housing market trends.
In summary, zip code 03442 has experienced a shift towards more renter-occupied housing, with a corresponding decrease in homeownership rates. Average home prices have seen substantial growth, while rent prices have fluctuated. The interplay between federal interest rates, housing affordability, and demographic changes continues to shape the local real estate market dynamics in this New Hampshire community.
