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Rising Home Values and Ownership Trends in Zip Code 72758: Rogers, Arkansas' Robust 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 72758, located in Rogers, Arkansas, has experienced significant growth and changes in its housing market over the past decade. This area has seen a notable increase in population, rising from 29,902 in 2010 to 44,494 in 2022, which has had a substantial impact on homeownership rates, average home prices, and average rent prices.
The homeownership rate in zip code 72758 has shown a slight decline over the years. In 2013, the homeownership rate was 64%, but by 2022, it had decreased to 59%. This trend coincides with a significant increase in average home prices. In 2013, the average home price was $177,750, and by 2022, it had risen to $361,377, representing a 103% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in this zip code. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 62-64%. However, as interest rates began to rise in 2017 (1.00%) and continued to increase in subsequent years, the homeownership rate started to decline. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in zip code 72758 has grown over time, with the percentage of renters increasing from 36% in 2013 to 41% in 2022. This rise in renters corresponds with an increase in average rent prices. In 2013, the average rent was $999, and by 2022, it had risen to $1,193, representing a 19.4% increase. The growth in the renter population and rent prices can be attributed in part to the area's overall population growth, which increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 72758 continued to evolve. The average home price in 2023 was $383,228, showing a further increase from 2022. In 2024, the average home price reached $399,033, indicating continued appreciation in property values. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to maintain their upward trajectory, potentially reaching around $450,000 by 2029. Similarly, average rent prices are expected to increase, possibly surpassing $1,400 per month within the same timeframe. However, these projections may be influenced by various factors such as economic conditions, local development, and changes in federal interest rates.
In summary, zip code 72758 has experienced significant growth in population and housing prices over the past decade. The area has seen a slight shift towards renting, with homeownership rates decreasing as average home prices have substantially increased. The rise in both home prices and rent prices reflects the area's growing popularity and demand for housing. As the community continues to evolve, these trends are likely to shape the local real estate market in the coming years.
