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Average Home Values and Ownership in Zip Code 71403: Rural Louisiana'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
Zip code 71403, located in Anacoco, Louisiana, presents an interesting case study of homeownership and housing market trends in a rural setting. This area has maintained a consistently high rate of homeownership over the past decade, with average home prices showing moderate growth and average rent prices experiencing fluctuations. The homeownership rate in zip code 71403 has remained relatively stable, hovering around 82-84% between 2013 and 2022. This high rate of homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $115,601, which rose to $155,893 by 2022, representing a 34.9% increase over nine years. Despite this growth in home values, the area has maintained its strong ownership culture. This trend suggests that rising home prices have not significantly deterred homeownership in the area, possibly due to the relative affordability compared to more urban markets.
Federal interest rates have played a role in shaping homeownership trends in zip code 71403. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the sustained high homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in the area remained resilient, even slightly increasing to 84% in 2022. This suggests that other factors, such as local economic conditions or cultural preferences, may have a stronger influence on homeownership in this rural community than national interest rate trends.
Renter percentages in zip code 71403 have fluctuated between 16% and 20% from 2013 to 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $733, which increased to $927 by 2017, representing a 26.5% rise. However, rent prices then experienced a decline, dropping to $805 in 2019 before surging to $1,083 in 2021, a 34.5% increase in just two years. This volatility in rent prices, coupled with the relatively stable renter population, suggests that local economic factors or changes in rental property availability may be influencing the rental market more than population shifts.
Looking at the most recent data, average home prices in zip code 71403 continued to rise, reaching $159,455 in 2023 and $165,272 in 2024. This represents a steady annual growth rate of about 3-4%. Concurrently, federal interest rates increased significantly, hitting 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make mortgages more expensive, the local housing market has continued to appreciate, indicating strong underlying demand or limited housing supply in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 71403 will continue to rise, potentially reaching around $190,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade and assumes continued economic stability in the region. For average rent prices, the forecast is less certain due to the historical volatility. However, if recent trends persist, we might expect average rents to fluctuate between $900 and $1,200, with potential for short-term spikes or dips influenced by local market conditions.
In summary, zip code 71403 demonstrates a robust homeownership market with steadily appreciating home values, despite rising interest rates. The rental market shows more volatility, suggesting sensitivity to local economic factors. The area's ability to maintain high homeownership rates while experiencing home price appreciation indicates a strong preference for ownership in this rural community, which is likely to continue in the near future.
