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Rocky Mount, NC: Rising Home Values and Shifting Ownership in Jazz Legend's Birthplace
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
Rocky Mount, North Carolina, a city known for its vibrant arts scene and historical significance in the tobacco industry, has experienced notable changes in its housing market and demographics over the past decade. This analysis examines the trends in homeownership, home values, and rental market dynamics from 2013 to 2024, with projections extending to 2029. The homeownership rate in Rocky Mount has shown a gradual decline from 56% in 2013 to 52% in 2022. This shift coincided with a substantial increase in average home prices, rising from $82,418 in 2013 to $162,535 in 2022, representing a 97.2% increase. The relationship between federal interest rates and homeownership rates reveals an interesting pattern. When interest rates were extremely low (0.11% to 0.13%) from 2013 to 2015, homeownership rates remained relatively stable at around 54-56%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% by 2022, homeownership rates gradually declined to 52%.
As homeownership decreased, the percentage of renters in Rocky Mount increased from 44% in 2013 to 48% in 2022. The rental market experienced fluctuations in average rent prices, starting at $886 in 2013, rising to $901 by 2017, then dropping significantly to $796 in 2018, before recovering to $814 by 2022. These fluctuations, coupled with the city's declining population from 63,226 in 2013 to 59,634 in 2022, indicate a complex rental market influenced by various economic factors.
Recent data shows that the average home price in Rocky Mount continued its upward trajectory, reaching $177,073 in 2023 and further increasing to $186,317 in 2024, representing a 14.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Rocky Mount will continue to rise, potentially reaching around $220,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of around $950 per month by 2029, considering the historical fluctuations and recent upward movement.
In conclusion, Rocky Mount has experienced a gradual shift towards a higher proportion of renters, coinciding with a significant increase in average home prices. The interplay between rising home values, fluctuating rent prices, and increasing interest rates has shaped the city's housing market dynamics. As Rocky Mount continues to evolve, these trends are likely to have lasting impacts on its residential landscape and affordability for both homeowners and renters.
