Loading Content...
Mebane, NC: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mebane, a vibrant city in North Carolina, has experienced significant growth and changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the city's real estate dynamics. Homeownership in Mebane has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate stood at 70%, and by 2022, it had decreased slightly to 65%. During this period, average home prices in Mebane have shown a steady upward trend. In 2013, the average home price was $168,254, and by 2022, it had risen to $335,031, representing a significant increase of 99% over nine years.
The relationship between federal interest rates and homeownership rates in Mebane is notable. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 67-70%. As interest rates began to rise in 2017 (1.00%) and continued to increase in subsequent years, there was a slight decline in homeownership rates, reaching 65% by 2022 when the interest rate was 1.68%.
Renter percentages in Mebane have shown a slight increase over time, from 30% in 2013 to 35% in 2022. This trend coincides with changes in average rent prices. In 2013, the average rent was $858, which increased to $960 by 2022, representing a 12% rise over nine years. The city's growing population, which increased from 21,089 in 2013 to 27,406 in 2022, may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023, the average home price in Mebane reached $347,320, with the federal interest rate rising significantly to 5.02%. As of 2024, the average home price has further increased to $354,935, while the federal interest rate has risen to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates.
Looking ahead, predictive models suggest that average home prices in Mebane are likely to continue their upward trajectory over the next five years, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month within the same timeframe.
In summary, Mebane's housing market has demonstrated strong growth in both home prices and rent over the past decade. While homeownership rates have slightly decreased, they remain relatively stable. The city's growing population and rising property values indicate a robust real estate market, with both homeowners and renters likely to face increasing costs in the coming years.
