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Average Home Values and Ownership in Zip Code 27282: A Decade of Changes in High Point, 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 27282, located in High Point, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices and fluctuating homeownership rates, reflecting the dynamic nature of the local real estate market.
The homeownership rate in zip code 27282 has shown some variability over the years. In 2013, the homeownership rate stood at 74%. This rate gradually declined to 69% by 2018, indicating a shift towards more renters in the area. However, the trend reversed in recent years, with homeownership increasing to 73% by 2022. This fluctuation coincides with changes in average home prices, which have seen a significant upward trend. In 2013, the average home price was $168,392, and by 2022, it had risen to $305,095, representing an 81% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.11% to 0.40%), which coincided with higher homeownership rates of 70-74%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight decrease in homeownership rates to 69-71%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in zip code 27282 have also shown interesting trends. The percentage of renters increased from 26% in 2013 to a peak of 31% in 2017-2018, before declining to 27% by 2022. During this period, average rent prices saw a consistent upward trend. In 2013, the average rent was $892, rising to $1,227 by 2022, a 37.6% increase. This rise in rent prices occurred despite fluctuations in the renter population, suggesting strong demand for rental properties in the area.
Looking at the most recent data, the average home price in zip code 27282 reached $319,069 in 2023 and further increased to $325,357 in 2024. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 27282 to continue their upward trajectory, potentially reaching around $370,000 to $390,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,500 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, zip code 27282 has demonstrated resilience in its housing market, with increasing average home prices and a recent rebound in homeownership rates. The area has also seen steady growth in average rent prices, reflecting a strong rental market. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the community's housing landscape.
