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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 27806, located in Aurora, North Carolina, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership, rising average home prices, and varying average rent costs, reflecting the dynamic nature of its real estate market. The homeownership rate in zip code 27806 has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate was 77%, which increased to 81% by 2022. This rise wasn't linear, with the rate peaking at 85% in 2021 before slightly decreasing. Concurrently, average home prices in the area have consistently increased. In 2013, the average home price was $70,407, which rose steadily to reach $126,480 by 2022, representing a substantial 79.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates actually decreased from 77% to 73%. However, as interest rates began to rise more significantly from 2016 onwards, homeownership rates also increased, reaching 83% by 2020 when the interest rate was 0.38%. This suggests that in this particular area, factors other than interest rates may have had a stronger influence on homeownership decisions.
Renter percentages in zip code 27806 have generally decreased as homeownership rates increased. In 2013, 22% of residents were renters, which declined to 19% by 2022. Average rent prices, however, have shown an upward trend. In 2013, the average rent was $584, which increased to $740 by 2022, a 26.7% rise. Interestingly, the highest average rent of $748 was recorded in 2020, coinciding with the area's highest population of 2,774 in the same year.
In 2023 and 2024, the average home prices in zip code 27806 continued to evolve. The average home price in 2023 was $125,434, showing a slight decrease from 2022. However, in 2024, the price increased to $128,686, indicating a recovery and continued growth in the housing market. It's worth noting that federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homebuying trends.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 27806 will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $140,000 to $150,000 by 2029. Average rent prices are also likely to increase, potentially reaching $800 to $850 per month in the same timeframe, assuming the current trends continue.
In summary, zip code 27806 has demonstrated a robust housing market with increasing homeownership rates and rising property values over the past decade. Despite fluctuations in population and economic factors, the area has maintained a strong preference for homeownership, with average home prices nearly doubling since 2013. The resilience of the housing market in this zip code, even in the face of rising interest rates, suggests a continuing positive outlook for property values and homeownership in the coming years.