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Average Home Values and Ownership in Zip Code 49348: A Decade of Growth in Wayland, Michigan
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 49348, located in Wayland, Michigan, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a relatively high rate of homeownership, with slight fluctuations in average home prices and average rent costs. The homeownership rate in zip code 49348 has remained relatively stable, ranging from 78% to 82% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $133,739, which steadily increased to $300,877 by 2022, representing a substantial 125% increase over nine years. This significant rise in home values did not seem to significantly impact the homeownership rate, which remained relatively high throughout this period.
Federal interest rates have played a role in homeownership trends in zip code 49348. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate fluctuated slightly but remained above 78%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), the homeownership rate stabilized around 79-80%. Interestingly, despite the dramatic drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively), the homeownership rate only increased slightly to 81%, suggesting that other factors besides interest rates were influencing homeownership in this area.
Renter percentages in zip code 49348 have fluctuated inversely to homeownership rates, ranging from 18% to 22% between 2013 and 2022. Average rent prices have shown an overall upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $855, which increased to $1,122 by 2021, representing a 31% increase. However, there was a slight decrease to $1,035 in 2022. The population of the area has grown from 11,659 in 2013 to 12,499 in 2022, which may have contributed to the overall increase in rent prices due to increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 49348 reached $306,506 in 2023 and further increased to $314,495 in 2024. This represents a continued upward trend in home values. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 49348 to continue their upward trajectory, potentially reaching around $350,000 to $375,000 by 2029. Average rent prices are also likely to increase, possibly reaching $1,200 to $1,300 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 49348 has maintained a high rate of homeownership despite significant increases in average home prices. The area has experienced steady population growth, rising home values, and generally increasing rent prices. The relationship between federal interest rates and homeownership rates has been complex, with other factors likely playing a role in housing decisions. As we move forward, the continued rise in home prices and higher interest rates may present challenges for potential homebuyers in this area.
