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Average Home Values and Ownership in Zip Code 41055: A Decade of Growth in Sardis, Kentucky
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 41055, located in Sardis, Kentucky, presents an intriguing landscape of homeownership and housing market dynamics. This rural area has experienced notable fluctuations in its ownership percentages and housing prices over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 41055 has shown resilience and growth in recent years. In 2013, the area boasted an 83% homeownership rate, which slightly declined to 79% by 2018. However, there has been a significant rebound since then, with homeownership reaching 84% in 2022. This upward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $104,989, which steadily rose to $194,113 by 2022, representing an impressive 85% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates actually decreased slightly during this period. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the area also increased. This suggests that local factors may have played a more significant role in homeownership trends than national interest rates in this particular zip code.
Renter percentages in zip code 41055 have fluctuated inversely to homeownership rates, as expected. The renter population decreased from 20% in 2018 to 16% in 2022. Interestingly, average rent prices have shown considerable volatility. In 2013, the average rent was $495, which spiked dramatically to $1,251 in 2015 before declining to $651 in 2022. This volatility in rent prices, coupled with the area's relatively small population (2,036 in 2022), suggests a sensitive rental market that may be influenced by limited rental stock and individual property changes.
Looking at the most recent data, the average home price in zip code 41055 continued its upward trajectory, reaching $198,672 in 2023 and $204,675 in 2024. This represents a 5.4% increase from 2022 to 2024, indicating sustained growth in the local housing market. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 41055 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $230,000 to $240,000, assuming a conservative annual growth rate of 2-3%. Average rent prices are expected to stabilize and potentially increase moderately, possibly reaching around $700-$750 per month by 2029, reflecting overall housing market appreciation and local economic conditions.
In summary, zip code 41055 has demonstrated a strong trend towards homeownership, with rates increasing despite rising home prices. The area has shown resilience in its housing market, with significant appreciation in home values over the past decade. While rent prices have been volatile, the overall trend suggests a preference for homeownership in this community. The continued rise in home prices, coupled with higher interest rates, may present both opportunities and challenges for potential homebuyers and current homeowners in the coming years.
