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Pink Hill, NC: Home Values Double Amid Resilient Ownership Rates
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
Pink Hill, a small town in North Carolina known for its rural charm, has experienced significant changes in its housing market over the past decade. The town has seen fluctuations in homeownership rates and notable increases in average home and rent prices. From 2013 to 2022, Pink Hill witnessed a slight decrease in homeownership, while average home prices steadily rose, and rent prices showed considerable volatility.
The homeownership rate in Pink Hill declined from 76% in 2013 to 73% in 2022. During this same period, average home prices in the town increased substantially, rising from $73,132 in 2013 to $141,019 in 2022, representing a 92.8% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have influenced homeownership trends in Pink Hill. From 2013 to 2016, interest rates remained very low, between 0.1% and 0.4%, and homeownership rates in Pink Hill were relatively stable at 69% to 72%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Pink Hill showed a slight increase to 73%. This suggests that local factors in Pink Hill may have counteracted the typical effect of rising interest rates on homeownership.
The renter population in Pink Hill increased as homeownership rates declined, rising from 24% in 2013 to 27% in 2022. Average rent prices fluctuated during this period, starting at $486 in 2013, peaking at $625 in 2019, and settling at $559 in 2022, representing a 15% increase overall. The town's population also changed significantly, peaking at 1,912 residents in 2014 and decreasing to 1,227 by 2022, potentially influencing rental market dynamics.
In 2023, the average home price in Pink Hill reached $150,378, with federal interest rates at 5.02%. By 2024, the average home price further increased to $152,552, while federal interest rates rose slightly to 5.33%. These figures indicate a continuing trend of rising home prices and interest rates in the current market.
Predictive models suggest that average home prices in Pink Hill are likely to continue their upward trajectory over the next five years, potentially reaching around $180,000 by 2029. Average rent prices are expected to stabilize and show moderate growth, potentially reaching approximately $650 per month in the same timeframe. However, these predictions are subject to various economic factors and local market conditions.
In conclusion, Pink Hill has experienced a slight decrease in homeownership rates over the past decade, coupled with a significant increase in average home prices. The rental market has shown volatility in both occupancy rates and average rent prices. The town's changing population and broader economic factors have likely contributed to these trends. As Pink Hill moves forward, it will be crucial to monitor how these housing market dynamics continue to evolve and impact the local community.
