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Home Values and Ownership in Zip Code 38601: Abbeville's Small-Town Real Estate 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
Abbeville, situated in zip code 38601 in Mississippi, has experienced significant changes in homeownership rates and housing prices over the past decade. This small town's fluctuations in population and housing market reflect broader economic trends and local developments.
The homeownership rate in Abbeville has shown a notable upward trend, particularly in recent years. In 2013, the homeownership rate was 74%, which increased to 80% by 2022. This rise coincided with changes in average home prices. Although home price data is only available from 2017 onwards, there has been a noticeable upward trend. The average home price in 2017 was $178,084, which rose to $202,448 by 2022, representing a 13.7% increase over five years.
The relationship between federal interest rates and homeownership rates in Abbeville appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), the homeownership rate in Abbeville increased from 74% to 72%. The trend continued as interest rates gradually rose, with homeownership reaching 85% in 2020 when the interest rate was 0.38%.
Renter percentages in Abbeville have shown an inverse relationship to homeownership rates, decreasing from 26% in 2013 to 20% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $742, which peaked at $920 in 2014 before declining to $850 in 2022. These fluctuations in rent prices don't seem to directly correlate with the decreasing renter percentage, suggesting other factors, such as local economic conditions or housing supply, may be influencing renting patterns.
As of 2024, the average home price in Abbeville stands at $196,510, showing a slight decrease from the 2023 average of $196,824. This minor decline occurs alongside a federal interest rate of 5.33% in 2024, up from 5.02% in 2023. These figures indicate a potential cooling in the local housing market, possibly influenced by the higher interest rates.
Looking ahead, predictive models suggest that average home prices in Abbeville may continue to experience modest growth over the next five years, albeit at a slower pace than observed in recent years. This prediction is based on the historical trend of increasing home values and the current economic conditions. Average rent prices are expected to remain relatively stable, with potential for slight increases in line with inflation and local demand.
In summary, Abbeville in zip code 38601 has seen a strong trend towards homeownership, with rates increasing from 74% to 80% between 2013 and 2022. This trend has been accompanied by rising average home prices, which increased by 13.7% from 2017 to 2022. The renter population has decreased correspondingly, while rent prices have fluctuated. The recent slight decrease in home prices and increase in interest rates suggest a potential stabilization in the local housing market. Moving forward, modest growth in home prices and stable rent prices are anticipated for this Mississippi town.
