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Average Home Values and Ownership in Zip Code 30101: A Decade of Resilience in Acworth, Georgia
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 30101, located in Acworth, Georgia, has experienced significant demographic and housing market changes over the past decade. This area has seen a steady increase in population, growing from 50,615 in 2010 to 61,465 in 2022, reflecting its appeal as a residential destination.
The homeownership rate in this zip code has remained relatively stable, with a slight increase from 77% in 2019 to 79% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $272,101 in 2019 to $416,451 in 2022, representing a 53% increase over just three years. The relationship between homeownership rates and average home prices suggests that despite rising costs, residents in this area have maintained a strong preference for owning their homes.
Federal interest rates have played a significant role in shaping homeownership trends. In 2020, when interest rates dropped to 0.38%, the homeownership rate remained steady at 77%. As interest rates began to rise, reaching 1.68% in 2022, the homeownership rate actually increased to 79%, indicating that other factors such as local economic conditions or housing supply may have had a stronger influence on homeownership decisions in this area.
The renter population in zip code 30101 has fluctuated slightly, with the percentage of renters decreasing from 23% in 2020 to 21% in 2022. During this period, average rent prices showed an upward trend, increasing from $1,567 in 2020 to $1,526 in 2022. The slight decrease in the renter population despite rising rent prices could suggest that some renters may have transitioned to homeownership, possibly taking advantage of historically low interest rates in 2020 and 2021.
Looking at the most recent data, average home prices in zip code 30101 continued to rise, reaching $427,835 in 2023 and $437,951 in 2024. This represents a 2.6% increase from 2023 to 2024. Concurrently, federal interest rates have significantly increased, rising from 5.02% in 2023 to 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 30101 will continue to appreciate, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $500,000 by 2029. For rent prices, the forecast suggests a continued upward trajectory, potentially reaching an average of around $1,800 per month by 2029.
In summary, zip code 30101 has demonstrated resilience in its housing market, maintaining high homeownership rates despite significant increases in home prices. The area has seen consistent population growth, suggesting ongoing demand for housing. While rising interest rates may pose challenges to affordability, the strong preference for homeownership in this area indicates that demand is likely to remain robust. The rental market, though smaller, continues to play an important role in the local housing ecosystem, with rent prices expected to rise alongside home values in the coming years.
