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Average Home Values and Ownership in Zip Code 27229: A Decade of Resilience in Candor, NC
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 27229, located in Candor, North Carolina, has experienced significant shifts in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
Examining the homeownership trends in zip code 27229, we observe a fluctuating pattern with an overall increase in recent years. The percentage of owner-occupied homes rose from 64% in 2016 to 75% in 2022, indicating a growing preference for homeownership. This trend coincides with a substantial increase in average home prices, which rose from $80,918 in 2016 to $142,766 in 2022, representing a 76.4% increase over six years.
The relationship between federal interest rates and homeownership rates in this area shows an interesting pattern. Despite the federal interest rate increasing from 0.4% in 2016 to 1.68% in 2022, homeownership rates continued to rise. This suggests that other factors, such as local economic conditions or housing market dynamics, may have had a stronger influence on homeownership decisions in this zip code than interest rates alone.
Rental trends in zip code 27229 show an inverse relationship to homeownership rates. The percentage of renter-occupied homes decreased from 36% in 2016 to 25% in 2022. Interestingly, average rent prices also declined during this period, dropping from $613 in 2016 to $593 in 2022, a 3.3% decrease. This decline in both renter percentage and average rent prices occurred alongside a decrease in population from 4,265 in 2016 to 3,787 in 2022, suggesting a potential shift in housing demand within the area.
Looking at the most recent data, average home prices in zip code 27229 continued to rise, reaching $150,578 in 2023 and $153,847 in 2024. This represents a 7.8% increase from 2022 to 2024. Concurrently, federal interest rates have significantly increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 27229 will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. We project average home prices could reach approximately $175,000 to $180,000 by 2029. Average rent prices, which have shown a declining trend, may stabilize or see modest increases, potentially reaching around $620 to $640 by 2029, assuming local economic conditions remain stable.
In summary, zip code 27229 has experienced a significant increase in homeownership rates and average home prices from 2016 to 2024, despite rising interest rates. The rental market has seen a decline in both the percentage of renters and average rent prices. The most crucial discoveries include the resilience of the homeownership market in the face of increasing interest rates, the inverse relationship between homeownership and rental trends, and the continued appreciation of home values. These trends suggest a transforming housing market in Candor, with a growing preference for homeownership and potential challenges for the rental market.
