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Rising Average Home Values and Stable Ownership in Zip Code 37082: A Decade of Housing Market Dynamics
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
Kingston Springs, Tennessee, zip code 37082, is a charming town nestled in Cheatham County. This area has experienced notable fluctuations in homeownership rates and property values over the past decade. The overall trend shows a slight decline in homeownership, coupled with significant increases in average home prices and average rent costs.
The homeownership rate in Kingston Springs has shown a slight downward trend from 2013 to 2022. In 2013, the homeownership rate was 88%, which decreased to 83% by 2022. This 5% decrease coincided with a substantial rise in average home prices. In 2013, the average home price was $182,662, which more than doubled to $452,578 by 2022, representing a 148% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates in Kingston Springs, ranging between 85% and 88%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, we observed a slight decline in homeownership rates, dropping to 83% by 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in Kingston Springs has shown a corresponding increase as homeownership rates declined. The percentage of renters rose from 12% in 2013 to 17% in 2022. During this period, average rent prices also increased significantly. In 2013, the average rent was $1,026, which rose to $1,167 by 2022, an increase of 13.7%. This rise in rent prices, while substantial, was not as dramatic as the increase in home prices, potentially making renting a more attractive option for some residents.
Looking at the most recent data, the average home price in Kingston Springs for 2023 was $452,282, showing a slight decrease from 2022. However, the 2024 average home price has risen to $458,565, indicating a resumption of the upward trend. Interestingly, federal interest rates have continued to climb, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Kingston Springs will continue to rise, albeit at a more moderate pace. By 2029, average home prices could reach approximately $525,000 to $550,000. Average rent prices are also expected to increase, potentially reaching $1,350 to $1,400 per month by 2029. These projections assume a continuation of current economic conditions and local market trends.
In summary, Kingston Springs has experienced a slight decrease in homeownership rates over the past decade, accompanied by substantial increases in both average home prices and rent costs. The inverse relationship between rising property values and declining homeownership rates suggests affordability challenges for potential buyers. Meanwhile, the rental market has grown, with increasing rent prices reflecting the overall trend of rising housing costs in the area. The recent uptick in federal interest rates may continue to influence these trends in the coming years, potentially affecting both the homeownership landscape and property values in zip code 37082.
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