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Zip Code 01349: Rising Home Values and Strong Ownership in Millers Falls, MA
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
Zip code 01349, located in Millers Falls, Massachusetts, presents an intriguing case study of housing trends in a small community. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic shifts and local market dynamics.
The homeownership rate in zip code 01349 has shown significant variability, ranging from a high of 90% in 2015 to a low of 72% in 2019. This trend has coincided with substantial changes in average home prices. In 2013, the average home price was $151,686, which steadily increased to $261,230 by 2022, representing a 72% increase over this period. Interestingly, the years with the highest homeownership rates did not always align with the lowest average home prices. For example, in 2015, when homeownership peaked at 90%, the average home price was $159,112, higher than in previous years.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 01349. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1%. During this time, homeownership rates in the area increased from 78% to 79%, likely due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates declined to 73%, suggesting a correlation between higher interest rates and decreased homeownership.
Renter percentages and average rent prices in zip code 01349 have also shown interesting trends. The renter-occupied percentage increased from 10% in 2015 to 27% in 2018 and 2019, coinciding with a rise in average rent prices from $1,035 to $1,084 during the same period. This trend suggests that as more residents turned to renting, landlords responded by increasing rents. However, the relationship is not always straightforward, as evidenced by the 2021 data, where despite a decrease in renter-occupied units to 20%, the average rent price spiked to $1,298, the highest in the observed period.
In 2023 and 2024, zip code 01349 experienced continued growth in average home prices, reaching $282,493 in 2023 and $298,358 in 2024. This represents a 14% increase from 2022 to 2024. Simultaneously, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. These high interest rates could potentially impact future homeownership rates in the area.
Looking ahead, predictive models suggest that average home prices in zip code 01349 will continue to rise over the next five years, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed since 2013. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $1,400 per month by 2029. These predictions assume a continuation of current economic conditions and local market factors.
In summary, zip code 01349 has demonstrated a complex interplay between homeownership rates, average home prices, and rent trends. The area has seen substantial growth in property values, with homeownership rates fluctuating in response to economic factors such as interest rates. The rental market has also shown volatility, with periods of increased renter occupancy correlating with rising rent prices. As the community continues to evolve, these trends will likely shape the future of housing in Millers Falls.
