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Zip Code 03031: Rising Home Values and Strong Ownership in Amherst, New Hampshire
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 03031, located in Amherst, New Hampshire, is characterized by high homeownership rates and significant growth in property values. This area has shown a consistent trend towards homeownership, with rates increasing from 89% in 2013 to 90% in 2022. Concurrently, average home prices have more than doubled, rising from $292,270 in 2013 to $547,010 in 2022, indicating a robust and desirable housing market.
The relationship between federal interest rates and homeownership rates in zip code 03031 presents an interesting scenario. Despite fluctuations in interest rates, the area has maintained high homeownership rates. For example, when interest rates were at a historic low of 0.08% in 2021, homeownership stood at 90%. This rate remained stable at 90% in 2022, even as interest rates rose to 1.68%, suggesting that local factors may have a stronger influence on homeownership than national interest rate trends.
The percentage of renters in zip code 03031 has decreased from 11% in 2013 to 10% in 2022. During this period, average rent prices have fluctuated considerably, starting at $1,675 in 2013, peaking at $1,760 in 2014, and then declining to $1,308 in 2022. This volatility in rent prices, combined with the decreasing renter population, indicates a shift towards homeownership in the area, possibly driven by the long-term financial benefits of owning versus renting in this market.
Recent data shows that average home prices in zip code 03031 continued to rise, reaching $587,596 in 2023 and $620,034 in 2024. This represents a 7.4% increase from 2022 to 2023 and a further 5.5% increase from 2023 to 2024. During the same period, federal interest rates also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued appreciation in home values indicates strong demand and market resilience in this area.
Predictive models forecasting 5-year trends anticipate that average home prices in zip code 03031 will continue to appreciate, although potentially at a slower rate due to the higher interest rate environment. Projections suggest average home prices could reach approximately $750,000 by 2029. For rent prices, the model indicates a potential stabilization or modest increase, with average rents possibly reaching around $1,500 by 2029, assuming economic conditions remain relatively stable.
In conclusion, zip code 03031 exhibits a strong trend towards homeownership, maintaining consistently high owner-occupancy rates despite fluctuations in the broader economic environment. The area has experienced substantial appreciation in average home values, more than doubling over the past decade. While rent prices have shown volatility, they have generally trended downward in recent years. The resilience of the housing market in this zip code, even in the face of rising interest rates, suggests a highly desirable living area with strong fundamentals supporting continued home value appreciation.
