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Home Values and Ownership in Zip Code 38828: A Rural Mississippi Success Story
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 38828, located in Blue Springs, Mississippi, has experienced interesting shifts in homeownership and housing prices over the past decade. This area has seen fluctuations in its ownership percentage and notable changes in average home and rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in zip code 38828 has shown a slight increase over the years, rising from 73% in 2013 to 77% in 2022. This upward trend in homeownership coincides with a significant increase in average home prices. In 2016, the average home price was $125,304, which steadily rose to $178,808 by 2022, representing a 42.7% increase over six years. This correlation suggests that despite rising home prices, more residents in the area were able to become homeowners.
Federal interest rates have played a role in homeownership trends in zip code 38828. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%. During this time, homeownership rates remained relatively stable at around 73-75%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates actually increased to 77%. This suggests that other local factors, such as job market stability or housing supply, may have had a stronger influence on homeownership than interest rates in this particular zip code.
Renter percentages in zip code 38828 have shown a slight decrease, moving from 28% in 2013 to 23% in 2022. Interestingly, average rent prices have fluctuated significantly during this period. In 2013, the average rent was $885, which decreased to $501 by 2016, before rising again to $666 in 2022. These fluctuations in rent prices don't show a clear correlation with the gradual decrease in renter percentages, suggesting that other factors, such as local economic conditions or housing preferences, may be influencing renting trends in the area.
Looking at more recent data, the average home price in zip code 38828 decreased slightly from $178,808 in 2022 to $169,087 in 2023, and further to $167,687 in 2024. This represents a 6.2% decrease over two years. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slight cooling of home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 38828 may stabilize or show modest growth, potentially reaching around $180,000 to $190,000 by 2029. Average rent prices are expected to continue their gradual upward trend, potentially reaching $750 to $800 per month in the same timeframe. However, these predictions are subject to various economic factors and local market conditions.
In summary, zip code 38828 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The area has experienced significant growth in average home values, particularly from 2016 to 2022. While rent prices have fluctuated, they have generally remained lower than their 2013 peak. The recent cooling of home prices in 2023 and 2024, coupled with rising interest rates, suggests a potential shift in the market dynamics that will be important to monitor in the coming years.
