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Rising Home Values and Declining Ownership in Baltimore's Zip Code 21213: A Decade of Housing 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
Zip code 21213, located in Baltimore, Maryland, has experienced significant fluctuations in population, homeownership rates, and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have remained relatively stable with some minor fluctuations.
The homeownership rate in zip code 21213 has shown slight variations between 2013 and 2022. In 2013, the homeownership rate was 57%, which decreased to 52% by 2016. However, it rebounded to 58% in 2020, before settling at 55% in 2022. During this same period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $42,391, which more than doubled to $113,565 by 2022, representing a substantial increase of 168% over nine years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't show a strong correlation. For instance, despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates actually decreased from 57% to 52%. Conversely, when interest rates rose to 1.68% in 2022, homeownership rates remained relatively stable at 55%. This suggests that other local factors may have a more significant influence on homeownership in this area than national interest rates.
Renter percentages in zip code 21213 have shown a slight increase over time, moving from 42% in 2013 to 45% in 2022. Average rent prices have also experienced an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,148, which increased to $1,228 by 2017, before slightly decreasing to $1,181 in 2022. This represents a modest 2.9% increase in average rent over the nine-year period. The population in the zip code has decreased from 30,985 in 2013 to 29,180 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in zip code 21213 was $113,163 in 2023 and increased to $120,637 in 2024, showing a continued upward trend. This occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are significantly higher than the rates seen in previous years.
Based on the historical data and current trends, we can project that average home prices in zip code 21213 are likely to continue their upward trajectory over the next five years, potentially reaching around $150,000 by 2029. Average rent prices may also see a moderate increase, potentially reaching approximately $1,300 by 2029, assuming the current trends persist.
In summary, zip code 21213 has demonstrated resilience in its housing market, with steadily increasing average home prices despite fluctuations in homeownership rates and federal interest rates. The rental market has shown more stability, with modest increases in both renter percentages and average rent prices. These trends, combined with the area's decreasing population, suggest a complex interplay of factors influencing the local real estate market.
