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Average Home Values and Ownership in Zip Code 30030: A Decade of Resilience and Growth
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 30030, located in Decatur, Georgia, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual increase in homeownership, coupled with substantial growth in average home values and average rent prices.
The homeownership rate in zip code 30030 has shown a steady upward trend, increasing from 59% in 2013 to 62% in 2022. This rise in homeownership coincides with a remarkable surge in average home prices. In 2013, the average home price was $321,254, which more than doubled to $595,786 by 2022. This represents an impressive 85.5% increase over nine years. The relationship between homeownership rates and average home prices suggests that despite the rising costs, more residents in this zip code have been able to transition into homeownership.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 30030. From 2013 to 2020, interest rates remained historically low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership rates from 59% to 63%. The accessibility of affordable financing options likely contributed to this growth in homeownership, even as average home prices continued to rise.
Renter percentages in zip code 30030 have inversely mirrored the homeownership trend, decreasing from 41% in 2013 to 38% in 2022. Despite this decline in the proportion of renters, average rent prices have shown a consistent upward trajectory. In 2013, the average rent was $1,114, which increased to $1,442 by 2022, representing a 29.4% rise. This increase in average rent prices, coupled with a growing population from 25,503 in 2013 to 31,366 in 2022, suggests a competitive rental market despite the shift towards homeownership.
In 2023 and 2024, the average home prices in zip code 30030 continued their upward trajectory, reaching $605,196 in 2023 and $629,920 in 2024. This represents a further 5.7% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the low rates of the previous decade.
Looking ahead, predictive models suggest that average home prices in zip code 30030 are likely to continue their upward trend over the next five years, potentially reaching or exceeding $700,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,600 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 30030 has demonstrated a robust housing market characterized by increasing homeownership rates, rapidly appreciating average home values, and rising average rent prices. The area has shown resilience in the face of changing economic conditions, with homeownership rates continuing to climb despite significant increases in home prices. The interplay between federal interest rates, population growth, and housing market dynamics will likely continue to shape the residential landscape of this Decatur zip code in the coming years.
