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Home Values and Ownership Trends in Zip Code 30319: Brookhaven's Resilient Real Estate Market
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 30319, located in Brookhaven, Georgia, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing homeownership and rising property values, reflecting its growing desirability as a residential location.
The ownership percentage in zip code 30319 has shown a steady increase from 50% in 2013 to 56% in 2022. This upward trend in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $371,860, which grew consistently year over year, reaching $683,995 by 2022. This represents an impressive 84% increase in average home values over a nine-year period. The correlation between rising homeownership rates and increasing home prices suggests a strong demand for property in this area, potentially driven by factors such as local economic growth, improved amenities, or the area's overall attractiveness to residents.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 30319. From 2013 to 2016, interest rates remained exceptionally low, hovering around 0.1% to 0.4%. During this period, homeownership rates increased from 50% to 51%, likely encouraged by the affordable financing options available. As interest rates began to rise more substantially from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, reaching 56% by 2022. This suggests that other factors, such as strong local economic conditions or the area's desirability, may have outweighed the impact of rising interest rates on homeownership decisions.
Renter percentages in zip code 30319 have fluctuated slightly but generally decreased from 46% in 2013 to 44% in 2022. Despite this slight decline in the proportion of renters, average rent prices have shown a significant upward trend. In 2013, the average rent was $1,389, which increased to $1,711 by 2022, representing a 23% rise over nine years. This increase in average rent prices, coupled with a decreasing percentage of renters, may indicate a tightening rental market with higher-quality or more desirable rental properties becoming available.
Looking at the most recent data, the average home price in zip code 30319 reached $699,678 in 2023 and further increased to $722,667 in 2024. This continued upward trajectory in home values suggests ongoing strong demand for properties in the area. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability for potential homebuyers, potentially slowing the rate of homeownership growth in the coming years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 30319 will continue to rise, albeit potentially at a more moderate pace due to higher interest rates. By 2029, average home prices could reach approximately $850,000 to $900,000. Average rent prices are also expected to increase, potentially reaching around $2,000 to $2,200 per month by 2029, driven by ongoing demand for housing in the area and overall inflationary pressures.
In summary, zip code 30319 has demonstrated strong growth in both homeownership rates and property values over the past decade. The area has seen a consistent increase in average home prices, rising from $371,860 in 2013 to $722,667 in 2024, reflecting its growing appeal to homebuyers. Despite fluctuations in federal interest rates, the trend towards homeownership has remained positive, suggesting the area's strong fundamentals and attractiveness to residents. The rental market has also seen significant price increases, indicating a robust demand for housing across both ownership and rental sectors. As we look to the future, continued growth in both home values and rent prices is anticipated, albeit potentially at a more moderate pace due to economic factors and higher interest rates.
