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Rising Home Values and Ownership in Hudson, Zip Code 28638: A Decade of Housing Market Trends
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 28638, located in Hudson, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has shown resilience in maintaining a relatively high percentage of owner-occupied housing units while navigating fluctuations in both average home prices and average rent costs.
The ownership percentage in zip code 28638 has demonstrated a general upward trend, particularly in recent years. In 2013, the homeownership rate stood at 71%, and after some fluctuations, it reached 74% in 2022. This increase in homeownership coincided with a significant rise in average home prices. From 2013 to 2022, average home prices in the area surged from $101,335 to $217,698, representing a substantial 115% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate remained relatively stable, hovering between 66% and 71%. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate actually increased to 74%, suggesting that local factors may have played a more significant role in homeownership decisions than national interest rate trends.
Renter percentages in zip code 28638 have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter-occupied percentage dropped from 34% in 2015 to 26% in 2022. Interestingly, average rent prices have not shown a consistent trend during this period. Average rent peaked at $663 in 2018 before declining to $620 in 2022, despite the decrease in the proportion of renters. This suggests that other factors, such as local economic conditions or housing supply, may be influencing rent prices more than the demand from renters.
Looking at the most recent data, average home prices in zip code 28638 continued to rise, reaching $230,346 in 2023 and $235,841 in 2024. This represents a 5.8% increase from 2022 to 2023 and a further 2.4% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, hitting 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 28638 will continue to increase, albeit at a more moderate pace. Based on historical data and current economic factors, we project average home prices could reach approximately $270,000 to $290,000 by 2029. For average rent prices, the forecast suggests a potential increase to around $680 to $720 per month over the next five years, assuming stable economic conditions and consistent population growth.
In summary, zip code 28638 has demonstrated a strong trend towards homeownership, with rates reaching 74% in 2022 despite significant increases in average home prices. The area has shown resilience in maintaining high ownership rates even in the face of rising interest rates. While renter percentages have decreased, average rent prices have not shown a consistent correlation with this trend. Looking forward, the housing market in this zip code is expected to continue its upward trajectory in both home prices and rent costs, though at a more moderate pace than seen in recent years.
