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Zip Code 02180: Stoneham's Rising Home Values and Shifting Ownership Trends
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
Stoneham, located in zip code 02180 in Massachusetts, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This vibrant community has shown resilience and growth, with its population increasing from 21,071 in 2010 to 22,677 in 2022.
The homeownership rate in Stoneham has fluctuated over the years, showing a slight overall decline from 70% in 2013 to 68% in 2022. During this period, average home prices have seen a substantial increase. In 2013, the average home price was $389,044, which rose steadily to reach $703,320 in 2022, representing an impressive 80.8% increase over nine years. This upward trend in home prices, coupled with the slight decrease in homeownership, suggests that while property values have appreciated significantly, it may have become more challenging for some residents to enter the housing market.
Federal interest rates have played a crucial role in shaping homeownership trends in Stoneham. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with a relatively stable homeownership rate, fluctuating between 64% and 70%. However, as interest rates began to rise more sharply in 2022 to 1.68%, we observed a slight increase in homeownership to 68%, possibly due to buyers rushing to secure mortgages before rates climbed further.
Renter percentages in Stoneham have shown a corresponding inverse relationship to homeownership rates, increasing from 29% in 2013 to 32% in 2022. Average rent prices have also experienced an upward trend, rising from $1,376 in 2013 to $1,588 in 2022, an increase of 15.4% over nine years. This growth in both renter percentages and average rent prices suggests an increasing demand for rental properties in the area, possibly driven by those priced out of the homeownership market or preferring the flexibility of renting.
In 2023, the average home price in Stoneham reached $714,010, continuing the upward trend seen in previous years. This represents a 1.5% increase from 2022. The federal interest rate for 2023 was 5.02%, significantly higher than the previous year. Moving into 2024, the average home price has further increased to $755,780, a 5.8% jump from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, predictive models suggest that average home prices in Stoneham are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of real estate in the area. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, Stoneham has experienced significant growth in both average home prices and average rent prices over the past decade. While homeownership rates have slightly declined, they remain relatively stable. The interplay between rising property values, fluctuating interest rates, and shifting demographics has shaped a dynamic real estate market in this Massachusetts community. As we move forward, the trends suggest a continued appreciation in property values, with potential for further adjustments in the balance between homeownership and renting based on economic factors and housing affordability.
