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Average Home Values and Ownership in Zip Code 39746: New Hamilton's Resilient Housing Market
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
New Hamilton, located in zip code 39746 in Mississippi, presents an interesting case study of homeownership and housing market trends. This area has maintained a high rate of homeownership over the past decade, with a slight decrease in recent years, while experiencing fluctuations in average home prices and rent.
The homeownership rate in New Hamilton has remained relatively stable, with a slight downward trend. In 2013, the area boasted an 84% homeownership rate, which gradually decreased to 82% by 2022. This minor decline in homeownership coincided with changes in average home prices. From 2016 to 2022, average home prices in the area increased from $125,803 to $167,499, representing a significant 33.1% increase over six years.
Federal interest rates have played a role in homeownership trends in New Hamilton. In 2016, when interest rates were at 0.4%, the homeownership rate was 82%. As interest rates rose to 1.68% in 2022, the homeownership rate remained steady at 82%, suggesting that other local factors may have offset the potential negative impact of rising interest rates on homeownership in this area.
The renter population in New Hamilton has seen a slight increase, from 16% in 2013 to 18% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $742, which decreased to $537 in 2016 before rising again to $657 in 2022. This represents an overall decrease of 11.5% in average rent prices from 2013 to 2022, despite the increase in the renter population percentage.
Looking at the most recent data, average home prices in New Hamilton reached $159,453 in 2023 and decreased slightly to $154,208 in 2024. This represents a 3.3% decrease in average home prices from 2023 to 2024. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, which may have contributed to the slight cooling in home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in New Hamilton may continue to experience moderate growth, potentially reaching around $175,000 by 2029. This projection is based on the historical trend of increasing home values in the area, albeit at a slower pace due to higher interest rates. For average rent prices, we expect a gradual increase, potentially reaching approximately $700 by 2029, as the renter population continues to grow slowly and demand for rental properties increases.
In summary, New Hamilton has maintained a high homeownership rate despite minor fluctuations in recent years. The area has seen significant growth in average home prices from 2016 to 2022, followed by a slight decrease in 2023-2024. Average rent prices have shown volatility but have generally decreased over the past decade. The interplay between homeownership rates, housing prices, and federal interest rates suggests a resilient local housing market that has largely withstood broader economic pressures.
