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Hays, NC: Rising Home Values Amidst Homeownership Resurgence
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
Hays, located in North Carolina, is a small community with a population of 2,784 as of 2022. The city has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increasing average home values and rent prices.
The homeownership rate in Hays has shown some variability over the years. In 2013, the homeownership rate was 79%, which increased slightly to 82% in 2014. However, there was a decline to 75% in 2015 and further to 67% in 2017. The trend then reversed, with homeownership rates climbing back up to 79% by 2022. During this period, average home prices in Hays have consistently increased. The average home price in 2013 was $102,382, which rose to $189,557 by 2022, representing an impressive 85% increase over nine years.
Federal interest rates have played a role in homeownership trends in Hays. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively high, above 70%. As interest rates began to rise from 2017 onwards, there was an initial dip in homeownership rates. However, despite increasing interest rates, homeownership in Hays has shown resilience, rebounding to 79% by 2022 when the federal interest rate was 1.68%.
Renter percentages in Hays have inversely mirrored homeownership rates. In 2013, the renter-occupied rate was 21%, which decreased to 18% in 2014. There was an increase to 25% in 2015 and further to 33% in 2017, before declining back to 21% by 2022. Average rent prices have shown a general upward trend during this period. In 2013, the average rent was $604, which increased to $917 by 2022, a 52% increase over nine years. It's worth noting that despite fluctuations in the renter population, rent prices continued to rise, suggesting strong demand for rental properties in the area.
As of 2024, the average home price in Hays stands at $203,392, showing continued growth from the 2022 figure. The federal interest rate for 2024 is 5.33%, which is significantly higher than previous years. This increase in interest rates could potentially impact homeownership trends and housing affordability in the coming years.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Hays will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also likely to continue their upward trajectory, driven by housing demand and overall economic factors in the area.
In summary, Hays has demonstrated resilience in its housing market, with homeownership rates rebounding despite rising interest rates. The consistent increase in both average home prices and rent prices suggests a strong and growing demand for housing in the area. These trends, coupled with the city's stable population, indicate a robust real estate market in Hays that is likely to continue evolving in the coming years.
