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Average Home Values and Ownership in Zip Code 49456: A Decade of Growth in Ferrysburg, 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 49456, located in Ferrysburg, Michigan, has experienced significant changes in homeownership rates and property values over the past decade. This area has shown a strong trend towards increased homeownership, with average home prices rising steadily and average rent prices following suit.
The ownership percentage in zip code 49456 has shown a notable increase from 76% in 2013 to 82% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $179,509, which steadily increased to $359,951 by 2022, representing a remarkable 100.5% increase over this period. This strong correlation suggests that despite rising prices, more residents in the area have been able to transition into homeownership.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite fluctuations in interest rates, the area has maintained a consistent increase in homeownership. For instance, when interest rates were at a low of 0.08% in 2021, homeownership reached 81%. Interestingly, this high rate of homeownership persisted even as interest rates rose to 1.68% in 2022, with ownership increasing further to 82%. This suggests that other local factors, such as job market stability or community desirability, may have a stronger influence on homeownership in this area than interest rates alone.
The percentage of renters in zip code 49456 has decreased from 24% in 2013 to 18% in 2022, inversely mirroring the rise in homeownership. Despite this decline in the renter population, average rent prices have shown a consistent upward trend. The average rent increased from $837 in 2013 to $971 in 2022, a 16% rise. This increase in rent prices, coupled with a decreasing renter population, could indicate a tightening rental market with potentially higher-quality or more desirable rental properties becoming available.
Looking at the most recent data, the average home price in zip code 49456 reached $372,276 in 2023 and further increased to $374,241 in 2024. This represents a continued upward trend in property values, albeit at a slower rate compared to previous years. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and property values in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 49456 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project average home prices could reach approximately $425,000 to $450,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $1,100 to $1,200 per month in the same timeframe.
In summary, zip code 49456 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in maintaining high homeownership rates despite fluctuations in interest rates. While the rental market has contracted, rent prices have continued to rise, indicating a potentially competitive rental landscape. The recent slowdown in home price appreciation and rising interest rates may signal a shift towards a more balanced market in the coming years.
