Conversely, the renter percentage in zip code 28736 has decreased from 35% in 2018 to 20% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend, increasing from $1,009 in 2018 to $1,049 in 2022. This rise in rent prices, despite a shrinking renter population, could be attributed to the overall increase in property values and the limited supply of rental properties in the area.

The year 2023 saw average home prices in zip code 28736 reach $721,260, a slight increase from the previous year. This growth continued into 2024, with average home prices rising to $749,551. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.

Looking ahead, predictive models suggest that average home prices in zip code 28736 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the overall appreciation of property values in the area. However, the rate of increase may be moderated by the strong trend towards homeownership.

In summary, zip code 28736 has demonstrated a clear shift towards increased homeownership, accompanied by substantial growth in property values. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with low interest rates correlating with higher homeownership. As the area continues to evolve, it will be crucial to monitor how these trends develop, particularly in light of recent increases in interest rates and their potential impact on the local real estate market.