Renter percentages in zip code 21671 have inversely mirrored homeownership rates. In 2013, the renter percentage was 11%, and it fluctuated over the years, reaching a low of 4% in 2016 before rising to 10% in 2022. The low renter percentages suggest a community that strongly favors homeownership, possibly due to the area's characteristics as a coastal CDP and the potential for vacation or second homes.

As of 2024, the average home price in zip code 21671 has reached $470,989, showing a continued upward trend from the 2023 price of $445,043. This represents a 5.8% increase in just one year. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023. Despite these higher interest rates, which typically make mortgages more expensive, the housing market in this area appears to remain robust, possibly due to its desirable coastal location.

Looking ahead, predictive models suggest that average home prices in zip code 21671 may continue to rise over the next five years, albeit potentially at a more moderate pace. Factors such as the area's limited land availability, its appeal as a coastal community, and broader economic conditions could contribute to sustained price growth. However, the rate of increase may slow if interest rates remain elevated, potentially affecting affordability for some buyers.

In summary, zip code 21671 demonstrates a strong preference for homeownership, with consistently high rates despite fluctuations in average home prices and interest rates. The area has seen significant appreciation in property values over the past decade, a trend that appears likely to continue, albeit possibly at a more tempered rate. The resilience of homeownership rates in the face of rising prices and interest rates suggests a deeply rooted desire for property ownership in this coastal community.