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Hancock: Rising Home Values and Shifting Ownership in a Charming New Hampshire Community
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
Hancock, a community in New Hampshire, 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 and potential future trajectories.
The homeownership rate in Hancock has shown a slight decline from 2013 to 2022. In 2013, 90% of residents were homeowners, which decreased to 85% by 2022. This change coincided with a significant increase in average home prices. In 2013, the average home price was $234,292, which rose steadily to reach $444,831 by 2022, representing a 90% increase over this period.
The relationship between federal interest rates and homeownership rates in Hancock shows some correlation. For instance, the period from 2013 to 2016 saw relatively low interest rates (0.11% to 0.40%) and stable homeownership rates around 89%. As interest rates began to rise more sharply from 2017 onwards, there was a slight decrease in homeownership rates, dropping to 85% by 2022 when the federal interest rate reached 1.68%.
The renter population in Hancock has seen a corresponding increase as homeownership rates declined. In 2013, only 10% of residents were renters, which increased to 15% by 2022. This trend aligns with the rise in average rent prices. The average rent in 2013 was $1,030, which increased to $1,179 by 2022, a 14.5% increase. It's worth noting that the population fluctuated during this period, reaching a peak of 1,859 in 2017 before settling at 1,757 in 2022, which may have influenced rental demand and prices.
Looking at the most recent data, 2023 saw average home prices in Hancock rise to $479,410, a 7.8% increase from 2022. This trend continued into 2024, with average home prices reaching $499,042. Interestingly, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting homebuying decisions.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Hancock will continue to rise, potentially reaching around $600,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Hancock has experienced a gradual shift towards more renters and fewer homeowners over the past decade, coinciding with substantial increases in both home prices and rent. The interplay between federal interest rates, housing affordability, and demographic changes has shaped these trends. As we look to the future, the community may continue to see rising housing costs, potentially affecting its demographic composition and housing market dynamics.
