Loading Content...
Rising Home Values and Strong Ownership in Zip Code 47060: Bright's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 47060, located in Bright, Indiana, presents an intriguing case study of homeownership and housing market dynamics. This area has maintained a consistently high rate of owner-occupied housing, with a slight upward trend in recent years. Concurrently, average home prices have shown steady growth, while average rent prices have experienced more modest increases.
The homeownership rate in zip code 47060 has remained notably high, ranging from 83% to 89% between 2013 and 2022. This trend coincides with a significant increase in average home prices, which rose from $172,683 in 2013 to $322,830 in 2022, representing an impressive 87% growth over this period. The peak homeownership rate of 89% was observed in 2019, corresponding with an average home price of $233,211. Despite the continued rise in home prices, the ownership rate has remained relatively stable, suggesting a strong preference for homeownership in this area.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2016 saw extremely low interest rates, ranging from 0.09% to 0.40%, which likely contributed to the high and stable homeownership rates observed during this time. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we see a slight fluctuation in homeownership rates, but they remained resilient, even reaching their peak in 2019. This suggests that other factors, such as local economic conditions or housing preferences, may have a strong influence on homeownership in this zip code.
Renter percentages in zip code 47060 have remained relatively low, ranging from 10% to 15% between 2013 and 2022. Average rent prices have shown a general upward trend, increasing from $725 in 2013 to $854 in 2022, a 17.8% increase. Interestingly, there was a slight dip in average rent prices from 2013 to 2015, dropping to $721, before rising again. The population of the area has fluctuated over the years, with a notable increase from 7,237 in 2020 to 7,842 in 2022, which may have contributed to the recent uptick in both average rent and home prices.
In 2023 and 2024, we see a continuation of the upward trend in average home prices, reaching $335,556 in 2023 and $342,413 in 2024. This represents a further 6.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007. Despite these higher interest rates, home prices have continued to appreciate, indicating strong demand in this zip code.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in zip code 47060 may continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $380,000 to $400,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $950 to $1,000 per month by 2029.
In summary, zip code 47060 demonstrates a robust housing market characterized by high homeownership rates and steadily increasing property values. The area has shown resilience to rising interest rates, maintaining strong homeownership levels even as home prices have appreciated significantly. The rental market, while smaller, has also seen steady growth in prices. These trends suggest a desirable living environment with sustained demand for housing, both for ownership and rental purposes.
