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Rhodhiss, NC: Rising Home Values and Ownership Rates Defy National 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
Rhodhiss, a small town in North Carolina, has experienced significant shifts in its housing market over the past decade. This quaint community, nestled along the Catawba River, has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The ownership percentage in Rhodhiss has shown a remarkable upward trend, particularly in recent years. In 2013, homeownership stood at 67%, but by 2022, it had surged to 86%, representing a substantial 19 percentage point increase. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $65,308, and it climbed consistently, reaching $128,579 by 2022, marking a 96.9% increase over this period.
The relationship between federal interest rates and homeownership rates in Rhodhiss presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, Rhodhiss saw its most significant increases in homeownership during periods of rising interest rates. For instance, from 2016 to 2022, as interest rates climbed from 0.4% to 1.68%, homeownership in Rhodhiss increased from 58% to 86%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends.
Conversely, the renter percentage in Rhodhiss has declined sharply. In 2013, renters occupied 33% of housing units, but by 2022, this figure had dropped to just 14%. This decline in renters coincided with fluctuations in average rent prices. The average rent increased from $657 in 2013 to a peak of $960 in 2018, before declining to $680 in 2022. Interestingly, the population of Rhodhiss has remained relatively stable during this period, ranging from 1,856 to 2,102 residents, suggesting that the shift from renting to owning was not driven by significant population changes.
In 2023 and 2024, Rhodhiss continued to see growth in average home prices. The average home price reached $142,198 in 2023 and further increased to $144,671 in 2024, representing a 12.5% increase from 2022 to 2024. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, highlighting the resilience of the local housing market.
Looking ahead, predictive models suggest that average home prices in Rhodhiss will continue to rise over the next five years, albeit at a more moderate pace. We can expect average home prices to potentially reach around $160,000 to $170,000 by 2029. Average rent prices, which have shown volatility in recent years, are projected to stabilize and potentially increase slightly, possibly reaching $750 to $800 per month by 2029.
In summary, Rhodhiss has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. This trend has persisted even in the face of rising interest rates, suggesting strong local demand for homeownership. The declining renter population and fluctuating rent prices indicate a changing rental market dynamic. As Rhodhiss continues to evolve, these housing trends will likely play a crucial role in shaping the town's future development and community composition.
