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King, North Carolina: Home Values Soar as Ownership Declines
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
King, located in North Carolina, is a small urban area with a population of 12,072 as of 2022. This city has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in King has shown a gradual decline from 2013 to 2022. In 2013, 78% of residents owned their homes, while by 2022, this figure had decreased to 71%. During this same period, average home prices in the city have seen a significant increase. In 2013, the average home price was $136,984, and by 2022, it had risen to $237,299, representing a substantial 73% increase over nine years.
Federal interest rates have played a role in homeownership trends in King. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 75-79%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline, dropping to 71% by 2022.
The rental market in King has shown interesting trends as well. The percentage of renters increased from 22% in 2013 to 29% in 2022. Concurrently, average rent prices have risen from $635 in 2013 to $773 in 2022, a 22% increase. This growth in both renter percentage and rent prices suggests a growing demand for rental properties in the city, possibly driven by factors such as job market changes or shifting demographics.
In 2023 and 2024, King's housing market continued to evolve. The average home price reached $251,450 in 2023 and further increased to $260,398 in 2024, showing a continued upward trend. Federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the city.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for King's housing market over the next five years. Average home prices are likely to continue their upward trajectory, potentially reaching around $300,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices could also continue to rise, potentially reaching $900-$950 per month by 2029, driven by increased demand for rental properties.
In summary, King has experienced a gradual shift from homeownership to renting over the past decade, accompanied by significant increases in both home prices and rent. The interplay between federal interest rates, local economic conditions, and housing demand has shaped these trends. As the city moves forward, it will likely continue to see growth in its housing market, with potential challenges and opportunities arising from changing economic conditions and demographic shifts.
