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Rising Home Values and Fluctuating Ownership in Zip Code 03242: A Decade of Real Estate Dynamics in Henniker, New Hampshire
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 03242, located in Henniker, New Hampshire, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing homeownership, fluctuating average home prices, and varying average rent prices.
The homeownership rate in zip code 03242 has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate was 64%, which increased to 75% by 2019. However, there was a slight decrease to 64% by 2022. This fluctuation coincides with changes in average home prices. In 2013, the average home price was $215,643, which decreased to $206,535 in 2014 before steadily rising to $422,537 in 2022. This represents a substantial increase of 96% in average home prices over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with the increase in homeownership rates, as low interest rates generally make mortgages more affordable. However, the sharp rise in interest rates to 1.68% in 2022 may have contributed to the decrease in homeownership from 70% in 2020 to 64% in 2022.
Renter percentages have generally decreased as homeownership increased, dropping from 36% in 2013 to 25% in 2019, before rising again to 36% in 2022. Interestingly, average rent prices have shown a different trend. In 2013, the average rent was $1,037, which increased to $1,148 in 2015 before declining to $800 in 2022. This represents a 23% decrease in average rent prices over nine years. The population growth from 4,819 in 2013 to 6,079 in 2022 may have influenced these trends, potentially increasing demand for both owned and rented properties.
In 2023 and 2024, the housing market in zip code 03242 continued to evolve. The average home price reached $447,123 in 2023 and further increased to $463,147 in 2024, representing a 3.6% year-over-year increase. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 03242 to continue rising, albeit at a potentially slower rate due to higher interest rates. A 5-year forecast suggests average home prices could reach approximately $550,000 by 2029. Average rent prices, which have been more volatile, may stabilize or increase slightly, potentially reaching around $1,100 per month by 2029, assuming economic conditions remain stable and population growth continues.
In summary, zip code 03242 has experienced a complex interplay between homeownership rates, average home prices, and average rent prices. The area has seen overall increases in homeownership and average home prices, while average rent prices have fluctuated. The impact of federal interest rates on these trends has been significant, and recent increases in rates may continue to influence the housing market in this area in the coming years.
