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Rising Home Values and Fluctuating Ownership: Wilton's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wilton, a charming New Hampshire community, has experienced notable shifts in homeownership rates and housing prices over the past decade. This analysis explores the intricate relationship between ownership trends, average home prices, and average rent costs in Wilton. The homeownership rate in Wilton has fluctuated significantly between 2013 and 2022. Starting at 69% in 2013, it reached a peak of 78% in 2019 before declining to 66% by 2022. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $213,332, which increased to $407,082 by 2022, representing a substantial 90.8% growth over this period.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates in Wilton. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a noticeable increase in homeownership, peaking at 78% in 2019. However, the subsequent drop in interest rates to 0.38% in 2020 and 0.08% in 2021 coincided with a decline in homeownership to 65% by 2021, suggesting that other factors were influencing the local housing market during this period.
Renter percentages in Wilton have inversely mirrored homeownership rates, ranging from a low of 22% in 2019 to a high of 35% in 2021. Average rent prices have generally increased over time, albeit with some fluctuations. In 2013, the average rent was $936, which rose to $1,378 by 2022, marking a 47.2% increase. Notably, there was a significant jump in average rent from $1,185 in 2020 to $1,349 in 2021, coinciding with a period of increased renter occupancy.
In 2023 and 2024, Wilton's housing market continued its upward trajectory. The average home price reached $435,682 in 2023 and further increased to $461,294 in 2024, representing a 13.3% growth over two years. This rise occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing.
Looking ahead, predictive models suggest that both average home prices and rent costs in Wilton are likely to continue their upward trend over the next five years. Based on historical data and current market conditions, average home prices could potentially reach the $550,000 to $600,000 range by 2029. Similarly, average rent prices might increase to around $1,600 to $1,700 per month within the same timeframe.
In summary, Wilton has experienced significant changes in its housing market over the past decade. The community has seen a general trend of increasing home values and rent prices, with fluctuations in homeownership rates that have been influenced by, but not always directly correlated with, federal interest rates. The recent surge in home prices, despite rising interest rates, indicates a robust local housing market that is likely to continue growing in the coming years.
