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Average Home Values and Ownership in Zip Code 28164: Lowesville's Resilient Housing Market
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 28164, located in Lowesville, North Carolina, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, coupled with fluctuating average rent prices. The homeownership rate in zip code 28164 has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 78%, and by 2022, it had risen to 84%. This 6% increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $150,769, and by 2022, it had more than doubled to $325,538, representing a 116% increase over nine years. The trend in homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), homeownership rates increased from 78% to 80%. As interest rates began to rise more sharply from 2017 onwards, homeownership rates continued to climb, reaching 84% by 2022, possibly due to buyers trying to secure properties before rates increased further.
Renter percentages in zip code 28164 have shown an inverse relationship to homeownership rates, decreasing from 22% in 2013 to 16% in 2022. Despite this decrease in the renter population, average rent prices have generally trended upward. In 2013, the average rent was $828, and by 2022, it had increased to $929, representing a 12% rise. However, rent prices have shown some volatility, peaking at $1,067 in 2017 before decreasing and then rising again.
In 2023 and 2024, the housing market in zip code 28164 continued to evolve. The average home price in 2023 was $336,056, a 3.2% increase from 2022. In 2024, the average home price further rose to $347,284, indicating a 3.3% year-over-year increase. Concurrently, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 28164 over the next five years. Assuming a conservative annual growth rate of 3%, we might expect average home prices to reach approximately $402,500 by 2029. For rent prices, if we consider the average annual increase of about 1.4% seen from 2013 to 2022, we could project average rent to be around $995 by 2029.
In summary, zip code 28164 has demonstrated a strong trend towards increased homeownership and rising home values over the past decade. While the renter population has decreased, rent prices have generally increased, albeit with some fluctuations. The area's housing market appears robust, with consistent growth in home values and a high rate of homeownership, suggesting a desirable living location with potential for continued appreciation in the real estate market.
