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Average Home Values and Ownership Soar in Zip Code 03810, Alton's Lakeside Haven
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 03810, located in Alton, New Hampshire, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift towards homeownership, coupled with substantial fluctuations in average home prices and rent costs. The trends in this zip code reflect a dynamic real estate environment influenced by various economic factors.
The homeownership rate in zip code 03810 has shown a consistent upward trend, rising from 78% in 2013 to an impressive 94% in 2022. This substantial increase of 16 percentage points over nine years indicates a strong preference for homeownership in the area. Concurrently, average home prices have seen remarkable growth. In 2013, the average home price was $275,419, which steadily increased to $609,067 by 2022, representing a 121% increase over this period. The most dramatic rise occurred between 2020 and 2022, with prices jumping from $388,291 to $609,067, a 57% increase in just two years.
The trend in homeownership rates appears to have an inverse relationship with federal interest rates. For instance, as interest rates remained low between 2013 and 2021 (ranging from 0.08% to 1.68%), homeownership rates in the zip code continued to climb. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable mortgage financing.
As homeownership increased, the percentage of renters in zip code 03810 naturally decreased, falling from 22% in 2013 to just 6% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,140, which dropped to $687 in 2014, then fluctuated over the years, reaching $840 in 2022. This volatility in rent prices, coupled with the decreasing renter population, suggests a complex rental market affected by factors beyond simple supply and demand.
Looking at the most recent data, average home prices in zip code 03810 continued to rise in 2023 and 2024, reaching $644,406 and $676,627 respectively. This represents a further 11% increase from 2022 to 2024. Simultaneously, federal interest rates have increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may potentially slow down the rapid growth in homeownership rates observed in previous years.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 03810 to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. Average home prices could reach approximately $750,000 to $800,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict but may stabilize or show modest increases, potentially reaching an average of $900 to $1,000 per month by 2029.
In summary, zip code 03810 has experienced a significant shift towards homeownership, accompanied by substantial increases in average home prices. The rental market has shrunk considerably, with volatile rent prices. Recent increases in interest rates may moderate the rapid growth in homeownership and home prices, but the overall trend remains positive for property values in this area.
