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Average Home Values and Ownership in Zip Code 28278: A Decade of Growth and Change
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 28278, located in Charlotte, North Carolina, has experienced significant growth and development over the past decade. This area has seen a steady increase in population and housing prices, while maintaining a relatively stable homeownership rate. The trends in ownership percentages, average home prices, and average rent prices reflect the dynamic nature of this suburban Charlotte neighborhood.
The homeownership rate in zip code 28278 has remained relatively stable, with a slight decrease from 77% in 2013 to 72% in 2022. Despite this minor decline, the average home prices have seen a substantial increase. In 2013, the average home price was $221,388, and by 2022, it had more than doubled to $485,528. This significant appreciation in home values indicates a strong demand for housing in the area, potentially driven by factors such as job growth, improved amenities, or the overall attractiveness of the neighborhood.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. From 2013 to 2022, interest rates remained relatively low, ranging from 0.11% to 1.68%. During this period, the homeownership rate experienced only a slight decrease, suggesting that low interest rates helped maintain a relatively high level of homeownership despite rising home prices. The stability in homeownership rates during a period of rising home prices and low interest rates indicates that the area remained attractive to potential buyers who could take advantage of favorable financing conditions.
Renter percentages in zip code 28278 have shown a modest increase, from 23% in 2013 to 28% in 2022. This growth in the renter population coincides with a significant rise in average rent prices. In 2013, the average rent was $1,373, which increased to $1,726 by 2022, representing a 25.7% increase over nine years. The rising rent prices, coupled with the growing population (from 22,438 in 2013 to 35,732 in 2022), suggest a strong demand for rental properties in the area, possibly driven by factors such as job opportunities or the desire for flexibility among residents.
Looking at the most recent data, the average home price in zip code 28278 for 2023 was $485,785, showing a slight increase from 2022. In 2024, the average home price is reported at $500,732, indicating continued appreciation in the housing market. Interestingly, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact home affordability and potentially influence future homeownership trends in the area.
Based on the historical data and current trends, we can forecast the following 5-year trends for average home and rent prices in zip code 28278: Average home prices are likely to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach around $575,000 to $600,000 by 2029. Average rent prices are also expected to increase, driven by population growth and demand for housing. Projections suggest that average rent could reach approximately $2,000 to $2,200 per month by 2029.
In summary, zip code 28278 in Charlotte, North Carolina, has demonstrated strong growth in both population and housing values over the past decade. The area has maintained a relatively high homeownership rate despite rising home prices, likely supported by historically low interest rates. The rental market has also shown significant growth, with increasing renter percentages and rising average rent prices. Recent data indicates continued appreciation in home values, although higher interest rates may influence future trends. Overall, this zip code appears to be a dynamic and desirable area with a robust housing market.
