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Rising Home Values and Ownership in Zip Code 27591: Wendell's Resilient Housing Market
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 27591, located in Wendell, North Carolina, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 27591 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 75%, and it reached its peak of 79% in both 2016 and 2022. During this period, average home prices experienced substantial growth. In 2013, the average home price was $163,076, which steadily increased to $366,798 by 2022, representing a remarkable 125% increase over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in zip code 27591 increased from 75% to 79%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, despite rising interest rates from 2017 to 2019 (1.00% to 2.16%), homeownership rates remained relatively stable, indicating other factors influencing the local housing market.
Renter percentages in zip code 27591 have shown some variability, ranging from a low of 19% in 2016 to a high of 24% in 2013. Interestingly, average rent prices have increased significantly during this period. In 2013, the average rent was $911, which rose to $1,091 by 2022, representing a 19.8% increase. The population growth from 19,839 in 2013 to 25,410 in 2022 likely contributed to the upward pressure on rent prices, despite the relatively stable renter percentage.
Looking at the most recent data, the average home price in zip code 27591 reached $368,712 in 2023 and further increased to $373,460 in 2024. This represents a continued upward trend in home values, albeit at a slower pace compared to previous years. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 27591 will continue to rise, albeit at a more moderate pace. Given the historical growth rate and recent market conditions, we project average home prices could reach approximately $425,000 to $450,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $1,300 to $1,400 per month by 2029, factoring in population growth and housing demand.
In summary, zip code 27591 has demonstrated strong homeownership rates and significant growth in both average home prices and rent prices over the past decade. The area has shown resilience in maintaining high homeownership rates despite fluctuating interest rates and rapidly increasing home values. The continued population growth and rising property values suggest a robust and desirable housing market in this North Carolina town, with expectations for sustained, albeit more moderate, growth in both home prices and rental rates in the coming years.
