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Home Values and Ownership in Zip Code 21237: A Decade of Growth and Resilience
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 21237, located in Rosedale, Maryland, has experienced significant shifts in homeownership rates, average home prices, and average rent prices over the past decade. This area, known for its proximity to Baltimore and diverse suburban community, has seen a generally stable ownership percentage with some fluctuations, while both average home prices and average rent prices have shown an overall upward trend.
The homeownership rate in zip code 21237 has remained relatively stable, with some minor fluctuations. In 2013, the ownership rate was 67%, which dipped slightly to 63% in 2019 before rising again to 66% in 2022. During this period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $192,403, which increased to $228,741 by 2019, representing a 18.9% increase over six years. By 2022, the average home price had further risen to $290,367, marking a substantial 51% increase from 2013 to 2022.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates stayed relatively stable at around 64-67%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we saw a slight decrease in homeownership to 63% by 2019. Interestingly, despite the low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership increased to 68%, possibly due to other economic factors or local market conditions.
The renter percentage in zip code 21237 has shown an inverse relationship to homeownership rates, naturally. It increased from 33% in 2013 to 36% in 2019, before decreasing to 34% in 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $1,303, which decreased to $1,102 in 2014 before rising again. By 2019, the average rent had increased to $1,342, and in 2022 it stood at $1,287, showing a slight overall decrease from the peak but still higher than the 2013 figure.
Looking at the most recent data, in 2023, the average home price in zip code 21237 reached $296,822, with federal interest rates at 5.02%. Moving into 2024, we see a continued increase in average home prices to $302,526, while federal interest rates have risen slightly to 5.33%. This suggests that despite higher interest rates, home prices in this area continue to appreciate.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 21237 will likely continue to rise, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $330,000 to $350,000 by 2029. Average rent prices may also continue to increase, possibly reaching $1,400 to $1,500 per month in the same timeframe, assuming steady population growth and demand for rental properties.
In summary, zip code 21237 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The area has maintained a relatively stable balance between owners and renters, with recent years showing a slight preference towards ownership. The continuous rise in both average home prices and average rent prices, even in the face of increasing interest rates, suggests a strong and desirable housing market in this Maryland suburb.
