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Beulaville, NC: Rising Home Values and Shifting Ownership Patterns in a Small Town
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beulaville, a charming town in North Carolina, has experienced notable shifts in its housing market over the past decade. This small community, spanning just 1.54 square miles, has seen fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Beulaville has shown a slight decline over the years, moving from 70% in 2013 to 63% in 2022. This trend coincides with a substantial increase in average home prices, which rose from $101,522 in 2013 to $174,596 in 2022, representing a 72% increase over this period. The relationship between these trends suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in shaping homeownership trends in Beulaville. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1%, which likely contributed to the relatively stable homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, a slight downward trend in homeownership became more pronounced, dropping from 67% in 2015 to 63% in 2022.
The rental market in Beulaville has shown interesting patterns as well. The percentage of renters increased from 30% in 2013 to 37% in 2022. During this period, average rent prices experienced significant volatility. They rose from $469 in 2013 to a peak of $663 in 2016, before fluctuating and settling at $632 in 2022. This represents a 35% increase in average rent over the decade, despite some year-to-year variations.
In 2023 and 2024, Beulaville's housing market continued its upward trajectory. The average home price reached $189,932 in 2023 and further increased to $201,984 in 2024, marking a 15.7% rise over two years. This growth occurred against a backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that Beulaville's housing market will likely continue its growth trend, albeit at a potentially slower pace. Average home prices are projected to increase by approximately 3-5% annually over the next five years, potentially reaching around $235,000 by 2029. Rent prices are expected to follow a similar trajectory, with estimated increases of 2-4% per year, potentially bringing the average rent to approximately $730 by 2029.
In summary, Beulaville has experienced a gradual shift towards a higher proportion of renters, coinciding with substantial increases in both home prices and rent. The interplay between federal interest rates, local economic conditions, and housing affordability has shaped these trends. As the town continues to evolve, the housing market is likely to remain dynamic, with continued growth in both home values and rental costs anticipated in the coming years.
