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Zip Code 01760: Rising Home Values and Shifting Ownership in Framingham, Massachusetts
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 01760, located in Framingham, Massachusetts, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving real estate landscape of this community.
From 2013 to 2022, the homeownership rate in zip code 01760 declined from 73% to 67%. During this same period, average home prices exhibited a steady upward trend. In 2013, the average home price was $440,780, which increased significantly to $764,371 by 2022, representing a 73.4% rise over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 2.16%), homeownership rates continued to decline. This suggests that other factors, such as rising home prices, may have had a stronger influence on homeownership than interest rates alone in this area.
As homeownership rates decreased, the percentage of renters in zip code 01760 increased from 26% in 2013 to 33% in 2022. This shift coincided with a rise in average rent prices. In 2013, the average rent was $1,465, which climbed to $1,786 by 2022, an increase of 21.9%. The growing renter population, coupled with rising average home prices, likely contributed to the upward pressure on rent prices.
Looking at the most recent data, average home prices in zip code 01760 continued their upward trajectory, reaching $801,877 in 2023 and $865,943 in 2024. This represents a 13.3% increase from 2022 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 01760 will continue to rise, potentially reaching around $1,050,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,100 per month within the same timeframe. These projections assume a continuation of current trends and economic conditions.
In summary, zip code 01760 has experienced a shift towards a higher proportion of renters, accompanied by substantial increases in both average home prices and average rent prices. The area has shown resilience in its housing market, with property values appreciating significantly despite changes in interest rates and homeownership patterns. As the community continues to evolve, these trends suggest a dynamic and potentially competitive housing market in the coming years.
