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Average Home Values and Ownership Trends in Zip Code 30642: A Decade of Growth in Greensboro, Georgia
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 30642, located in Greensboro, Georgia, has experienced significant changes in its housing market over the past decade. This area has seen a notable increase in homeownership rates, coupled with substantial growth in both average home prices and average rent prices.
The homeownership rate in zip code 30642 has shown a steady upward trend, increasing from 71% in 2015 to 80% in 2022. This rise in homeownership coincides with a dramatic increase in average home prices. In 2015, the average home price was $369,424, which rose to $671,937 by 2022, representing an impressive 81.9% increase over seven years. This trend suggests a strong correlation between rising home values and increased homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 30642. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. During this period, homeownership rates increased from 71% to 77%. The low interest rates likely made mortgages more affordable, encouraging more residents to purchase homes. However, it's worth noting that despite the sharp increase in interest rates to 5.02% in 2023 and 5.33% in 2024, homeownership rates continued to rise, reaching 80% in 2022, indicating other factors may be influencing this trend.
Conversely, the percentage of renters in zip code 30642 has decreased from 29% in 2015 to 20% in 2022. Despite this decline, average rent prices have shown an upward trend. In 2015, the average rent was $886, which increased to $1,211 by 2022, a 36.7% rise. This increase in rent prices, coupled with the decreasing renter population, suggests a tightening rental market in the area. The growing population, which rose from 11,292 in 2015 to 14,206 in 2022, may be contributing to the pressure on both rental and housing markets.
Looking at the most recent data, average home prices in zip code 30642 continued to rise, reaching $681,697 in 2023 and $686,497 in 2024. This represents a 1.45% and 0.70% year-over-year increase respectively, indicating a slowing but still upward trend in home values. The current federal interest rate of 5.33% in 2024 remains high, which could potentially impact future homeownership rates and home price growth.
Based on the observed trends, we can predict that over the next five years, average home prices in zip code 30642 are likely to continue increasing, albeit at a slower rate. We might expect to see average home prices reach around $750,000 by 2029. Average rent prices are also expected to rise, potentially reaching $1,500 per month by 2029, assuming the current trends persist.
In summary, zip code 30642 has experienced a significant shift towards homeownership, with rates increasing from 71% to 80% between 2015 and 2022. This trend has been accompanied by substantial growth in average home prices, which nearly doubled during the same period. Despite a decreasing renter population, average rent prices have also risen considerably. The area's growing population and the interplay between federal interest rates and housing market dynamics have likely contributed to these trends. As we move forward, we can expect continued, though possibly moderated, growth in both home values and rent prices in this Georgia zip code.
