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Roxboro's Rising Home Values and Ownership Rates: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Roxboro, a city in North Carolina, has experienced significant changes in its housing market over the past decade. Located in Person County, this small city of 7.13 square miles has seen fluctuations in population, homeownership rates, and housing prices. From 2013 to 2022, Roxboro witnessed a notable increase in homeownership, rising from 61% to 70%, while average home prices surged from $102,549 to $197,467 during the same period.
The relationship between homeownership rates and average home prices in Roxboro shows a strong positive correlation. As homeownership increased from 61% in 2013 to 70% in 2022, average home prices rose by 92.6%, from $102,549 to $197,467. This trend suggests that rising home values may have encouraged more residents to invest in property, viewing homeownership as a valuable long-term asset. The most significant jump in homeownership occurred between 2017 and 2018, increasing from 60% to 65%, coinciding with a 7.3% increase in average home prices from $124,447 to $133,585.
Federal interest rates have played a crucial role in shaping homeownership trends in Roxboro. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained stable at around 60%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, Roxboro surprisingly saw an increase in homeownership to 66%. This trend continued even as interest rates dropped again in 2020 and 2021, with homeownership reaching 70% by 2022 despite a sharp increase in interest rates to 1.68%.
The rental market in Roxboro has shown inverse trends to homeownership. As the percentage of renters decreased from 39% in 2013 to 30% in 2022, average rent prices experienced fluctuations. In 2013, the average rent was $654, peaking at $720 in 2018 before settling at $688 in 2022. The decrease in the renter population, from 7,668 in 2013 to 6,194 in 2022, may have contributed to the relatively stable rent prices despite the overall increase in property values.
Looking at the most recent data, average home prices in Roxboro continued to rise, reaching $204,975 in 2023 and $211,246 in 2024. This represents a 3.8% increase from 2022 to 2023 and a further 3.1% increase from 2023 to 2024. Interestingly, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the city.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Roxboro to continue their upward trajectory, potentially reaching around $245,000 by 2029. This projection is based on the consistent growth observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $750 per month by 2029, considering the historical fluctuations and the recent stabilization in rent prices.
In summary, Roxboro has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in average home prices. Despite rising interest rates, the city has maintained a strong housing market with continued growth in property values. The rental market has seen a decrease in the proportion of renters, with relatively stable rent prices. As Roxboro continues to evolve, these housing trends will play a crucial role in shaping the city's future development and community dynamics.
