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Home Values and Ownership in Zip Code 22728: A Decade of Steady Growth in Midland, Virginia
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 22728, located in Midland, Virginia, has experienced notable shifts in homeownership rates and property values over the past decade. This area, spanning 47.02 square miles, has seen a general trend of increasing average home prices and fluctuating homeownership rates.
The homeownership rate in zip code 22728 has shown some variability, ranging from a high of 80% in 2013 to a low of 73% in 2019. Despite these fluctuations, the area has maintained a predominantly owner-occupied housing market. Concurrently, average home prices have steadily increased from $258,691 in 2010 to $523,177 in 2022, representing a substantial 102% increase over this period. This upward trend in home values has persisted even as homeownership rates experienced minor fluctuations.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. For instance, in 2013, when the federal interest rate was at a low 0.11%, the homeownership rate peaked at 80%. Conversely, as interest rates began to rise in subsequent years, there was a gradual decline in homeownership, reaching 73% in 2019 when the interest rate was 2.16%. This inverse relationship suggests that lower interest rates may have contributed to higher homeownership rates by making mortgages more affordable.
Renter percentages in zip code 22728 have fluctuated inversely with homeownership rates, ranging from 20% in 2013 to 27% in 2019. Average rent prices have shown an overall upward trend, increasing from $1,259 in 2013 to $1,330 in 2022, a 5.6% increase. Interestingly, the highest average rent of $1,363 was recorded in 2019, coinciding with the highest percentage of renters at 27%. This suggests a potential correlation between increased demand for rentals and higher rent prices.
In 2023 and 2024, the housing market in zip code 22728 continued its upward trajectory. The average home price reached $542,406 in 2023 and further increased to $555,367 in 2024, representing a 6.2% rise from 2022 to 2024. Notably, federal interest rates also saw a significant increase during this period, rising to 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent prices for zip code 22728 over the next five years. Based on historical data and current market conditions, average home prices are projected to potentially reach around $600,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially increasing to approximately $1,450 per month in the same timeframe.
In summary, zip code 22728 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates. The inverse relationship between interest rates and homeownership rates highlights the impact of broader economic factors on local housing dynamics. The rental market has shown adaptability, with rent prices generally increasing alongside demand. As the area moves forward, it appears poised for continued growth in both home values and rental costs, reflecting its desirability and economic stability.
