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Average Home Values and Ownership in Zip Code 27520: A Decade of Growth and Resilience
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
Clayton, located in zip code 27520 in North Carolina, has experienced significant growth and changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in this thriving community.
The homeownership rate in Clayton has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 73%, and by 2022, it had risen to 77%. This 4% increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $150,122, and by 2022, it had more than doubled to $337,335, representing a 124.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Clayton shows an interesting trend. Despite fluctuations in interest rates, homeownership rates continued to rise. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 77%. This rate remained stable at 77% in 2022, even as interest rates increased to 1.68%. This suggests that other factors, such as the town's growth and local economic conditions, may have played a significant role in driving homeownership in Clayton.
Renter percentages in Clayton have shown a slight decline from 2013 to 2022, decreasing from 25% to 23%. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,108, and it peaked at $1,160 in 2014. By 2022, the average rent had decreased slightly to $1,055. This trend suggests that while homeownership became more prevalent, the rental market remained relatively stable, with modest price adjustments to accommodate the changing market dynamics.
Looking at the most recent data, the average home price in Clayton for 2023 was $336,191, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $340,561, indicating a recovery in the housing market. It's worth noting that federal interest rates have risen significantly, reaching 5.33% in 2024, which could impact future homebuying trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Clayton will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project that average home prices could reach approximately $390,000 to $410,000 by 2029. For average rent prices, we expect a gradual increase, potentially reaching $1,200 to $1,300 per month in the next five years.
In summary, Clayton has experienced a significant increase in homeownership rates and average home prices over the past decade. The rental market has remained relatively stable, with slight decreases in the percentage of renters and modest fluctuations in average rent prices. Despite rising interest rates, the housing market in Clayton appears resilient, with continued growth expected in both home prices and rental rates in the coming years.
