Loading Content...
Average Home Values and Ownership in Zip Code 21532: A Rural Maryland Housing Market Analysis
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 21532, located in Finzel, Maryland, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates coupled with rising average home prices, while rental patterns have fluctuated.
The homeownership rate in zip code 21532 has shown an overall upward trend, increasing from 60% in 2013 to 66% in 2022. This rise in homeownership coincided with a significant increase in average home prices, which grew from $105,840 in 2013 to $159,241 in 2022, representing a 50.5% increase over this period. The most substantial year-over-year increase in average home prices occurred between 2020 and 2021, jumping from $131,486 to $146,537, a 11.4% rise in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in the area. The period from 2013 to 2015 saw interest rates remain below 0.15%, coinciding with a stable homeownership rate of around 60%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, the homeownership rate actually increased to 65%, suggesting other local factors may have influenced this trend. The dramatic drop in interest rates to 0.08% in 2021 corresponded with a slight dip in homeownership to 63%, potentially due to broader economic uncertainties during that time.
Renter percentages in zip code 21532 have generally decreased as homeownership rates increased. The renter-occupied housing percentage fell from 40% in 2013 to 34% in 2022. Despite this decrease, average rent prices have shown an overall upward trend, rising from $708 in 2013 to $771 in 2022, a 8.9% increase. Interestingly, the highest average rent of $817 was recorded in 2018 when the renter percentage was 39%, suggesting a potential correlation between higher demand for rentals and increased rent prices.
Looking at the most recent data, the average home price in zip code 21532 reached $162,437 in 2023 and further increased to $167,942 in 2024, representing a 3.4% year-over-year growth. This continued appreciation in home values occurs against the backdrop of significantly higher interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels seen in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 21532 will continue to rise, potentially reaching around $190,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, potentially reaching approximately $850 per month by 2029, reflecting a steady but moderate growth trend.
In summary, zip code 21532 has demonstrated a clear trend towards increased homeownership and rising property values over the past decade. Despite fluctuations in federal interest rates, the area has maintained a strong housing market with consistent growth in average home prices. The rental market, while shrinking in terms of percentage, has seen moderate increases in average rent prices. These trends, combined with recent data and future projections, suggest a continuing robust and appreciating housing market in this Maryland community.
