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Home Values and Ownership in Zip Code 28556: A Rural North Carolina Community's Housing Dynamics
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 28556, located in Stonewall, North Carolina, presents an intriguing case study of housing market dynamics in a small, rural community. Over the past decade, this area has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 28556 has remained relatively high, fluctuating between 80% and 90% from 2013 to 2022. This trend indicates a strong preference for homeownership in the area. Average home prices have shown a consistent upward trajectory, particularly since 2015. In 2015, the average home price was $200,408, which steadily increased to $322,939 by 2022, representing a substantial 61% growth over seven years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were low in 2020 (0.38%), the homeownership rate was 81%. However, as interest rates began to rise in 2022 (1.68%), the homeownership rate increased slightly to 83%, suggesting that local factors may also play a significant role in homeownership decisions in this area.
Renter percentages in zip code 28556 have fluctuated inversely to homeownership rates, ranging from 10% to 20% between 2013 and 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $657, which decreased to $568 in 2016, before rising again to $585 in 2022. These fluctuations in rent prices don't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rental markets in this area.
In 2023 and 2024, zip code 28556 experienced a significant surge in average home prices. The average home price reached $348,436 in 2023 and further increased to $351,840 in 2024, representing a 9% increase from 2022 to 2024. This rise coincided with a sharp increase in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand despite higher borrowing costs.
Looking ahead, based on the historical trends and recent data, we can forecast potential 5-year trends for average home and rent prices in zip code 28556. Average home prices are likely to continue their upward trajectory, albeit potentially at a slower pace due to higher interest rates. A conservative estimate might project average home prices reaching around $400,000 by 2029. Average rent prices, which have shown more stability in recent years, may see moderate increases, potentially reaching around $650-$700 per month by 2029.
In summary, zip code 28556 demonstrates a strong preference for homeownership, with consistently high rates despite fluctuations in the housing market. The area has experienced significant growth in average home prices, particularly in recent years, while rent prices have remained relatively stable. The resilience of the housing market in the face of rising interest rates suggests a robust local demand for housing in this North Carolina town.
