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Average Home Values and Ownership in Zip Code 27513: A Decade of Resilience and Growth
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 27513, located in Cary, North Carolina, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing property values and a slight shift in the balance between owners and renters.
The homeownership rate in zip code 27513 has remained relatively stable, with minor fluctuations over the years. In 2013, the homeownership rate was 61%, and it remained consistent at 60% in 2022. However, there were some variations in between, with the rate dropping to 58% in 2020 before recovering. Concurrently, average home prices have shown a substantial upward trend. In 2013, the average home price was $258,448, which steadily increased to $542,543 by 2022, representing a remarkable 110% increase over this period. This trend suggests that while homeownership rates have remained relatively stable, the cost of purchasing a home in this area has significantly increased.
Federal interest rates have played a role in shaping homeownership trends in zip code 27513. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relative stability in homeownership rates. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, there was a slight increase in homeownership to 60%. The dramatic drop in interest rates to 0.08% in 2021 didn't significantly impact homeownership rates, which remained at 59%, possibly due to other economic factors at play.
Renter percentages in zip code 27513 have shown slight fluctuations, mirroring the changes in homeownership rates. The percentage of renters increased from 39% in 2013 to 42% in 2020, before settling back to 40% in 2022. Average rent prices have steadily increased over this period, rising from $1,263 in 2013 to $1,503 in 2022, an increase of about 19%. It's worth noting that the population in this zip code has also grown from 43,152 in 2013 to 48,811 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
In 2023, the average home price in zip code 27513 reached $552,539, showing a continued upward trend. This increase occurred despite the federal interest rate rising to 5.02% in 2023. Moving into 2024, the average home price has further increased to $574,797, while the federal interest rate has slightly risen to 5.33%. These figures indicate a resilient housing market in this area, with home prices continuing to appreciate even in the face of higher interest rates.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 27513 may continue to increase over the next five years, albeit potentially at a slower rate due to the higher interest rates. If the current trajectory holds, average home prices could potentially reach around $650,000 to $700,000 by 2029. Average rent prices are also likely to continue their upward trend, possibly reaching $1,700 to $1,800 per month in the same timeframe, assuming consistent economic conditions and population growth.
In summary, zip code 27513 has demonstrated a robust housing market with steadily increasing average home and rent prices over the past decade. While homeownership rates have remained relatively stable, the area has seen significant appreciation in property values. The interplay between federal interest rates, population growth, and housing demand has shaped these trends, resulting in a dynamic real estate landscape in this part of Cary, North Carolina.
