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Average Home Values and Ownership in Zip Code 06903: A Decade of Stability and Growth
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 06903, located in Stamford, Connecticut, has exhibited remarkable stability in homeownership rates while experiencing significant fluctuations in average home prices over the past decade. This area has consistently maintained a high rate of owner-occupied housing, ranging from 90% to 95% between 2013 and 2022. The average home price in this zip code has shown a generally upward trend in recent years, despite some periods of decline.
The housing market in zip code 06903 has demonstrated interesting dynamics. In 2012, the average home price was $681,500, which increased to $734,237 by 2014, representing a 7.7% growth. However, the market then experienced a downturn, with average prices declining to $667,027 by 2020, a 9.2% decrease from the 2014 peak. Interestingly, despite these price fluctuations, the homeownership rate remained relatively stable, suggesting that factors beyond just home prices influenced ownership decisions in this area.
Federal interest rates have played a role in homeownership trends in zip code 06903. From 2013 to 2015, when interest rates were exceptionally low (0.11% to 0.13%), homeownership in the zip code increased slightly from 93% to 95%. As interest rates began to rise more significantly from 2016 onwards, reaching 2.16% by 2019, homeownership remained high but showed a slight decline to 94%. This resilience in homeownership despite rising interest rates may be attributed to the area's affluence and the desirability of property in this zip code.
Renter percentages in zip code 06903 have been consistently low, ranging from 5% to 10% between 2013 and 2022. Average rent prices, however, have shown a significant upward trend. In 2013, the average rent was $296, which increased dramatically to $1,705 by 2020, representing a 476% increase over seven years. This substantial rise in rent prices occurred despite the relatively stable and low percentage of renters, possibly indicating a high demand for the limited rental properties available in this predominantly owner-occupied area.
In 2023, the average home price in zip code 06903 reached $913,955, a considerable increase from previous years. This upward trend continued into 2024, with the average home price rising to $991,811. Concurrently, federal interest rates in 2023 and 2024 were significantly higher at 5.02% and 5.33% respectively, marking a substantial increase from the near-zero rates seen in the early 2020s.
Looking ahead, based on the trends observed, we can predict that average home prices in zip code 06903 may continue to rise over the next five years, potentially reaching or exceeding $1.1 million by 2029. Average rent prices are also likely to maintain their upward trajectory, possibly surpassing $2,000 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 06903 in Stamford, Connecticut, has demonstrated a robust housing market characterized by high homeownership rates and increasing property values. Despite fluctuations in average home prices and rising interest rates, the area has maintained a strong preference for owner-occupied housing. The rental market, while small, has seen significant price increases, reflecting the high demand and limited supply of rental properties in this desirable location.
