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Rising Home Values and Shifting Ownership Trends in Zip Code 03278: Warner, New Hampshire
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 03278, located in Warner, New Hampshire, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a gradual shift in its residential landscape, with notable fluctuations in both ownership percentages and average home values.
The homeownership rate in zip code 03278 has shown a general declining trend from 2013 to 2022. In 2013, the area boasted an 82% homeownership rate, which gradually decreased to 76% by 2022. This change coincided with a substantial increase in average home prices. In 2013, the average home price was $200,371, which rose steadily to reach $371,140 by 2022, marking an impressive 85% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. For instance, the period from 2013 to 2016 saw relatively stable homeownership rates around 80-83%, coinciding with historically low interest rates of 0.11% to 0.4%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, the homeownership rate started to decline more noticeably, dropping to 76% by 2018.
Renter percentages in zip code 03278 have generally increased from 18% in 2013 to 24% in 2022, inversely mirroring the decline in homeownership. This shift occurred alongside a rise in average rent prices. In 2013, the average rent was $1,099, which increased to $1,138 by 2022, representing a moderate 3.5% increase. It's worth noting that the population of the area grew from 3,784 in 2013 to 4,046 in 2022, potentially contributing to the increased demand for rental properties.
Looking at more recent data, the average home price in zip code 03278 continued its upward trajectory, reaching $391,434 in 2023 and further climbing to $407,610 in 2024. This represents a significant 9.8% increase from 2022 to 2024. Interestingly, this price growth occurred despite a sharp rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 03278 will continue to rise, albeit at a potentially slower rate due to the current high interest rate environment. We project that by 2029, average home prices could reach approximately $450,000 to $475,000. For rent prices, the forecast suggests a moderate increase, potentially reaching an average of $1,300 to $1,400 per month by 2029.
In summary, zip code 03278 has witnessed a gradual shift from homeownership to renting over the past decade, accompanied by substantial increases in average home prices. The area has shown resilience in terms of property values, with consistent growth even in the face of rising interest rates. The coming years are likely to see continued, though possibly moderated, growth in both home prices and rental rates, reflecting the ongoing desirability of this New Hampshire community.
