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Rising Home Values and Declining Ownership in Robbins, North Carolina: A Decade of Housing 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
Robbins, located in North Carolina, is a small community with a rich history and dynamic real estate market. Over the past decade, this town has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Robbins has shown some variability over the years. In 2013, 69% of residents owned their homes. This percentage increased to 75% in 2015, indicating a peak in homeownership. However, by 2021, the rate had decreased to 63%, before rebounding slightly to 68% in 2022. This fluctuation coincides with changes in average home prices. In 2013, the average home price was $77,176, which steadily increased to $150,600 by 2022, representing a significant 95% increase over this period.
Federal interest rates have played a role in homeownership trends in Robbins. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively high, between 69% and 75%. As interest rates began to rise more significantly from 2017 onwards, there was a general downward trend in homeownership, though with some fluctuations. This relationship suggests that lower interest rates may have contributed to higher homeownership rates by making mortgages more affordable.
The rental market in Robbins has also seen interesting trends. The percentage of renters increased from 25% in 2015 to 37% in 2021, before decreasing slightly to 32% in 2022. Average rent prices have shown volatility, with a notable decrease from $561 in 2015 to $381 in 2018, followed by an increase to $592 in 2022. This 55% increase in average rent from 2018 to 2022 occurred alongside a population growth from 4,765 to 4,744 residents, suggesting increased demand for rental properties.
In 2023 and 2024, the average home prices in Robbins continued to rise, reaching $157,266 in 2023 and $164,780 in 2024. This represents a 9.4% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead, based on the trends observed, we can project that average home prices in Robbins may continue to increase over the next five years, potentially reaching around $190,000 by 2029. Average rent prices, which have shown more volatility, could stabilize and potentially increase to around $650-$700 per month in the same timeframe, assuming continued population growth and demand for rental properties.
In summary, Robbins has experienced significant changes in its real estate market over the past decade. The town has seen a general trend of increasing home prices, fluctuating homeownership rates, and volatile rent prices. The interplay between federal interest rates, local economic conditions, and population changes has shaped these trends. As the town moves forward, it will likely continue to see growth in both home values and rental costs, reflecting its evolving housing market dynamics.
