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Rising Home Values and Ownership Trends in Zip Code 03045: Goffstown'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 03045, located in Goffstown, New Hampshire, has shown interesting trends in homeownership and housing prices over the past decade. This area has experienced a significant increase in homeownership rates, coupled with a substantial rise in average home prices, while average rent prices have fluctuated. The homeownership rate in zip code 03045 has seen a steady increase from 80% in 2013 to 87% in 2022, indicating a strong preference for homeownership in the area. This trend coincides with a remarkable growth in average home prices, which rose from $206,538 in 2013 to $418,489 in 2022, representing a 102.6% increase over nine years. The correlation between rising homeownership rates and increasing home prices suggests a robust demand for housing in the area, potentially driven by factors such as local economic growth or the area's desirability.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 03045. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.4%, which likely contributed to the initial increase in homeownership from 80% to 81%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable at 81-83%. Interestingly, despite a sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership continued to climb, reaching 85% in 2021 and 87% in 2022, even as rates increased to 1.68% in 2022.
The renter population in zip code 03045 has decreased from 20% in 2013 to 13% in 2022, inversely mirroring the rise in homeownership. Despite this decline, average rent prices have shown an overall upward trend, albeit with some fluctuations. The average rent increased from $1,321 in 2013 to $1,516 in 2022, a 14.8% rise. Notably, there was a significant spike in average rent to $1,509 in 2020, followed by a drop to $1,331 in 2021, before rising again in 2022. These fluctuations may be attributed to changes in the local rental market dynamics and the decreasing supply of rental properties as more residents become homeowners.
In 2023 and 2024, the housing market in zip code 03045 continued its upward trajectory. The average home price reached $449,384 in 2023 and further increased to $472,572 in 2024, representing a 7.4% and 5.2% year-over-year growth respectively. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand for housing in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to maintain a steady increase, potentially reaching around $550,000 by 2029. Average rent prices are likely to continue their upward trend, albeit at a more moderate pace, possibly reaching approximately $1,700 by 2029.
In summary, zip code 03045 has demonstrated a strong trend towards homeownership, with a significant increase in both ownership rates and average home prices. The area has shown resilience in the face of fluctuating interest rates, with home prices continuing to rise even as rates increase. The rental market, while shrinking, has seen overall growth in average rents. These trends suggest a robust and desirable housing market in Goffstown, New Hampshire, with potential for continued growth in both home values and rental prices in the coming years.
