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Average Home Values and Ownership in Zip Code 27258: A Decade of Growth in Haw River, North Carolina
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 27258, located in Haw River, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend towards increased homeownership and rising average home prices, with some fluctuations in the rental market.
The ownership percentage in zip code 27258 has shown a steady increase from 73% in 2016 to 82% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2016, the average home price was $165,808, which increased to $283,628 by 2022, representing a substantial 71% increase over six years. This correlation suggests that despite rising prices, more residents in the area have been able to purchase homes, possibly due to favorable economic conditions or increased desirability of the area.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2016 to 2022, as interest rates fluctuated between 0.4% and 1.68%, homeownership rates continued to climb. This trend contradicts the general expectation that lower interest rates lead to higher homeownership rates. In this case, other factors such as local economic conditions or housing market dynamics may have had a stronger influence on homeownership than interest rates alone.
Renter percentages in zip code 27258 have conversely decreased from 27% in 2016 to 18% in 2022. During this period, average rent prices showed some volatility. In 2016, the average rent was $809, which increased to $869 in 2018 before dropping to $726 in 2022. This decrease in both renter percentage and average rent prices could indicate a shift in the local housing market, with more residents opting for homeownership over renting, possibly due to favorable buying conditions or changes in the local economy.
In 2023 and 2024, the housing market in zip code 27258 continued to evolve. The average home price reached $301,258 in 2023 and further increased to $311,954 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 27258 may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices might stabilize or show moderate increases as the rental market adjusts to changes in homeownership rates and overall housing demand.
In summary, zip code 27258 has experienced a significant increase in homeownership rates and average home prices from 2016 to 2022, with a corresponding decrease in renter percentages. The area has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. These trends suggest a strong local housing market with growing preference for homeownership among residents.
