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Franklinton, NC: Rising Home Values and Ownership Rates Amid Housing Market Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Franklinton, a town in North Carolina, has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate landscape.
The homeownership rate in Franklinton has fluctuated over the years, with a general trend towards increased ownership in recent times. In 2013, 71% of residents owned their homes. This figure dipped to 65% in 2019 but rebounded significantly to 75% by 2022. Concurrently, average home prices have shown a steady upward trajectory. In 2010, the average home price was $148,814, which more than doubled to $335,147 by 2022, representing a substantial 125% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Franklinton presents an interesting case. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership rates initially declined from 71% in 2013 to 65% in 2019. However, this trend reversed sharply in recent years, with ownership rising to 75% in 2022, even as interest rates began to climb to 1.68%.
Renter percentages and average rent prices have also shown notable trends. The percentage of renters decreased from 35% in 2019 to 25% in 2022. During this period, average rent prices increased significantly. In 2013, the average rent was $414, which more than doubled to $912 by 2022, a 120% increase. This sharp rise in rent prices may have contributed to the shift towards homeownership, as residents possibly found mortgages more economical than rising rents.
In 2023 and 2024, the housing market in Franklinton continued its upward trajectory. The average home price reached $346,052 in 2023 and further increased to $355,757 in 2024. This represents a 6.2% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both home prices and rent prices over the next five years. Average home prices could potentially reach around $425,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices might increase to approximately $1,100-$1,200 per month in the same timeframe, following the current trajectory.
In summary, Franklinton's housing market has been characterized by rising home values, increasing homeownership rates, and escalating rent prices. The town has seen a significant shift towards homeownership in recent years, despite rising home prices and interest rates. This trend, coupled with the substantial increase in both home values and rent prices, suggests a robust and dynamic real estate market in Franklinton.
