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Rising Home Values and Ownership Trends in Zip Code 30152: Kennesaw's Housing Market Evolution
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 30152, located in Kennesaw, Georgia, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a strong preference for homeownership, with a notable increase in owner-occupied housing units in recent years.
The homeownership rate in zip code 30152 has seen a steady increase from 75% in 2014 to 81% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2014, the average home price was $228,198, and by 2022, it had risen to $447,124, representing a 96% increase over eight years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the area.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. As interest rates remained low from 2014 to 2021 (ranging from 0.09% to 1.68%), homeownership rates increased from 75% to 83%. This aligns with the well-established trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Conversely, the percentage of renters in zip code 30152 has decreased from 23% in 2014 to 19% in 2022. Despite this decline in the renter population, average rent prices have shown a steady increase. In 2014, the average rent was $1,355, rising to $1,626 by 2022, an increase of 20% over eight years. This trend suggests that even with a smaller renter population, demand for rental properties remains strong, possibly due to the overall population growth in the area from 44,546 in 2014 to 45,736 in 2022.
Looking at the most recent data, the average home price in zip code 30152 reached $459,618 in 2023 and further increased to $473,450 in 2024. This represents a continued upward trend in home values. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 30152 will continue to rise, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, possibly reaching approximately $1,900 per month in the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 30152 has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices. The area has seen significant appreciation in property values, which has coincided with growing homeownership rates. While the renter population has decreased, average rent prices have continued to rise, indicating a competitive rental market. The recent increases in interest rates may influence future homeownership trends, potentially slowing the rate of increase in homeownership or stabilizing it at current levels.
