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Rowland, NC: Rising Home Values and Ownership Rates Defy Population Decline
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
Rowland, a small community in North Carolina, has experienced significant changes in its housing market over the past decade. The city has witnessed a notable shift in homeownership rates and fluctuations in both average home prices and average rent prices. From 2013 to 2022, Rowland saw a substantial increase in homeownership rates. The percentage of owner-occupied homes rose from 63% in 2013 to 73% in 2022, representing a 10 percentage point increase over the period. This trend coincided with a remarkable rise in average home prices. The average home price in 2019 was $55,210, which increased to $79,669 by 2022, marking a 44.3% increase in just three years.
The relationship between federal interest rates and homeownership rates in Rowland follows a well-established trend. As interest rates remained relatively low from 2013 to 2021, ranging from 0.08% to 2.16%, homeownership rates steadily increased. This correlation suggests that lower interest rates may have contributed to more affordable financing options, encouraging homeownership in the area.
Conversely, the percentage of renters in Rowland decreased from 37% in 2013 to 27% in 2022. Despite this decline in the renter population, average rent prices showed an upward trend. The average rent increased from $549 in 2013 to $751 in 2022, representing a 36.8% increase over nine years. This rise in rent prices occurred even as the city's population decreased from 2,796 in 2013 to 2,183 in 2022, suggesting that factors beyond population growth were influencing rent prices.
In 2023 and 2024, Rowland experienced a continued surge in average home prices. The average home price reached $91,780 in 2023 and further increased to $97,557 in 2024, representing a 22.5% increase from 2022 to 2024. This significant rise occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to dampen housing demand.
Looking ahead, predictive models suggest that the upward trend in both average home prices and average rent prices is likely to continue over the next five years. Based on the current trajectory, average home prices could potentially reach or exceed $120,000 by 2029, while average rent prices might surpass $900 per month. However, these projections are subject to various economic factors and local market conditions.
In summary, Rowland has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. Despite a decreasing population and renter percentage, average rent prices have also risen. The recent years have shown a particularly strong growth in home values, even in the face of rising interest rates, indicating a robust local housing market.
