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Wilson, NC: Resilient Homeownership Amidst Rising Home Values
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
Wilson, located in North Carolina, is a city with a rich history and a dynamic real estate market. Known for its vibrant arts scene and as the birthplace of legendary jazz musician Thelonious Monk, Wilson has experienced fluctuating trends in homeownership and housing prices over the past decade. The city has maintained a relatively stable balance between owner-occupied and renter-occupied housing, with average home prices showing a significant upward trend, particularly in recent years.
The homeownership rate in Wilson has remained relatively stable, hovering around 52-54% from 2013 to 2022. Despite this consistency, average home prices have seen a substantial increase. In 2010, the average home price was $103,583, which rose to $187,246 by 2022, representing an impressive 80.8% increase over 12 years. This trend suggests that while the proportion of homeowners has not changed dramatically, the value of owned properties has appreciated significantly.
Federal interest rates have played a role in shaping homeownership trends in Wilson. From 2010 to 2016, when interest rates were historically low (ranging from 0.1% to 0.4%), the homeownership rate remained steady at around 52-53%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership to 54% by 2022. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Wilson have also remained relatively stable, fluctuating between 45% and 47% from 2013 to 2022. Average rent prices, however, have shown more variability. In 2013, the average rent was $816, which increased to $865 by 2021, representing a 6% rise. Interestingly, there was a slight decrease to $804 in 2022, possibly reflecting changes in the local rental market or economic conditions. The stability in renter percentages, despite fluctuations in rent prices, suggests that Wilson's rental market has maintained its appeal to a consistent portion of the population.
Looking at the most recent data, average home prices in Wilson continued their upward trajectory, reaching $205,773 in 2023 and $211,573 in 2024. This represents a 13% increase from 2022 to 2024, indicating a robust housing market. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Wilson will continue to rise, potentially reaching around $250,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent acceleration in price growth. Average rent prices are expected to follow a more moderate upward trajectory, potentially reaching approximately $900 per month by 2029, assuming a continuation of the overall upward trend with occasional fluctuations.
In summary, Wilson's real estate market is characterized by steadily increasing average home prices, relatively stable homeownership rates, and a resilient rental market. The significant appreciation in home values, coupled with recent increases in interest rates, may present both opportunities and challenges for potential homebuyers in the coming years. The city's ability to maintain a balance between owner-occupied and renter-occupied housing suggests a diverse and adaptable real estate landscape that caters to various housing needs.
