Loading Content...
Average Home Values and Ownership in Zip Code 30253: McDonough's Evolving Real Estate Landscape
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 30253, located in McDonough, Georgia, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen substantial population growth, increasing from 46,957 in 2010 to 61,179 in 2022, indicating a robust and attractive real estate market.
The homeownership rate in zip code 30253 has shown a slight decline followed by a recovery. In 2013, 65% of residents owned their homes. This percentage decreased to 61% by 2018 but rebounded to 64% by 2022. During this same period, average home prices experienced a dramatic increase. In 2013, the average home price was $120,245. By 2022, it had skyrocketed to $321,696, representing a 167% increase over nine years. This substantial rise in home values may have initially contributed to the decline in homeownership rates, as affordability became an issue for potential buyers.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, which likely supported the relatively stable homeownership rates during this period. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), we observed a slight dip in homeownership percentages. However, the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with an increase in homeownership rates from 62% to 64%, as lower rates made mortgages more affordable.
The rental market in zip code 30253 has also seen notable changes. The percentage of renters increased from 35% in 2013 to 39% in 2018, before decreasing slightly to 36% in 2022. Average rent prices have generally trended upward, rising from $1,246 in 2013 to $1,328 in 2022, an increase of about 6.6%. The population growth in the area likely contributed to the increased demand for rentals, supporting the upward trend in rent prices despite fluctuations in the renter percentage.
In 2023 and 2024, the real estate market in zip code 30253 continued to evolve. The average home price in 2023 reached $329,994, a further increase from 2022. In 2024, the average home price rose slightly to $333,530. Notably, federal interest rates 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 affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 30253. 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 $380,000 to $400,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,500 to $1,600 per month by 2029, driven by population growth and housing demand.
In summary, zip code 30253 has demonstrated a resilient and growing real estate market. Despite fluctuations in homeownership rates, the area has seen substantial increases in average home prices and steady growth in average rent prices. The interplay between federal interest rates, population growth, and housing affordability will continue to shape the market dynamics in this Georgia zip code.
