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Madison's Zip Code 39110: High Homeownership and Rising Property Values
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
Madison, located in zip code 39110 in Mississippi, has experienced significant growth and stability in its housing market over the past decade. This affluent suburb of Jackson has maintained consistently high homeownership rates while seeing steady increases in both average home prices and average rent prices.
The homeownership rate in Madison has remained remarkably stable, hovering around 91-93% from 2013 to 2022. This high rate of homeownership has persisted despite fluctuations in average home prices. In 2013, the average home price was $270,260, which steadily increased to $372,421 by 2022, representing a 37.8% increase over nine years. This trend suggests that even as home prices rose, Madison residents continued to prioritize homeownership, likely due to the area's desirability and economic stability.
The relationship between federal interest rates and homeownership rates in Madison appears to have had minimal impact. Despite interest rates dropping to historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained steady at 91%. This suggests that factors other than interest rates, such as local economic conditions and community preferences, may have a stronger influence on homeownership in this area.
Renter percentages in Madison have remained low, ranging from 6% to 9% between 2013 and 2022. Interestingly, as the renter population increased slightly, average rent prices also rose. In 2013, the average rent was $1,553, which climbed to $1,623 by 2022, a 4.5% increase. This modest rise in rent prices, coupled with the growing population (from 36,135 in 2013 to 45,725 in 2022), indicates a balanced rental market that has kept pace with demand without experiencing dramatic price surges.
In 2023 and 2024, Madison's housing market continued its upward trajectory. The average home price reached $391,063 in 2023 and further increased to $397,576 in 2024, representing a 6.8% rise from 2022 to 2024. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, highlighting the resilience of Madison's housing market.
Looking ahead, based on historical trends and current market conditions, we can forecast continued growth in both average home and rent prices over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $460,000 by 2029. Average rent prices are expected to grow more modestly, at about 2-3% per year, potentially reaching around $1,850 by 2029.
In summary, Madison (39110) demonstrates a robust and stable housing market characterized by high homeownership rates, steadily increasing average home prices, and moderate growth in average rent prices. The area's resilience to interest rate fluctuations and consistent population growth suggest a strong, desirable community that is likely to maintain its economic strength and housing market stability in the coming years.
