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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Red Boiling Springs, located in zip code 37150 in Tennessee, is a small city with a population of 4,659 as of 2022. This rural community has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 37150 has shown some variability between 2013 and 2022. In 2013, the homeownership rate stood at 75%, and by 2022, it had decreased slightly to 71%. During this period, average home prices in the area demonstrated a consistent upward trend. In 2013, the average home price was $76,348, and by 2022, it had risen significantly to $174,897, representing a substantial increase of 129% over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. From 2013 to 2016, as interest rates remained very low (below 0.5%), homeownership rates actually declined from 75% to 71%. However, as interest rates began to rise more sharply from 2017 onwards, homeownership rates stabilized around 71-75%. This suggests that other local factors may have been influencing homeownership decisions in addition to interest rates.
Renter percentages in zip code 37150 have shown a slight increase over the years, moving from 25% in 2013 to 29% in 2022. Correspondingly, average rent prices have also risen. In 2013, the average rent was $508, and by 2022, it had increased to $666, representing a 31% increase. The population of the area has remained relatively stable during this period, suggesting that the rise in rent prices may be more closely tied to overall housing market trends rather than significant population changes.
Looking at the most recent data, the average home price in zip code 37150 reached $178,727 in 2023 and further increased to $183,463 in 2024. This represents a continued upward trend in housing prices. Interestingly, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 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 37150 will continue to rise, albeit potentially at a slower rate due to higher interest rates. By 2029, average home prices could reach approximately $220,000 to $230,000. Average rent prices are also expected to increase, potentially reaching around $800 to $850 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In summary, zip code 37150 has experienced a slight decrease in homeownership rates over the past decade, coupled with significant increases in both average home prices and rent prices. The area has shown resilience in maintaining a relatively high homeownership rate despite rising housing costs. The continued upward trend in housing prices, even in the face of rising interest rates, suggests a strong local housing market. However, the increasing rent prices may pose challenges for renters in the coming years.