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Zip Code 03032: High Homeownership and Rising Home Values in Manchester, 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 03032, located in Manchester, New Hampshire, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a generally stable homeownership rate with some fluctuations, alongside a notable increase in both average home prices and average rent prices.
The homeownership rate in zip code 03032 has remained relatively high, fluctuating between 89% and 94% from 2013 to 2022. In 2013, the homeownership rate was 94%, which slightly decreased to 89% by 2018, before rising again to 90% in 2022. During this same period, average home prices showed a consistent upward trend. In 2013, the average home price was $285,752, which steadily increased to $566,560 by 2022, representing a substantial 98% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. Despite the federal interest rate rising from 0.11% in 2013 to 1.68% in 2022, the homeownership rate remained relatively stable, only decreasing by 4 percentage points. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant influence on homeownership rates in this area than interest rates alone.
Renter percentages in zip code 03032 have remained relatively low, ranging from 6% to 11% between 2013 and 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,169, which increased to a peak of $2,198 in 2021 before slightly decreasing to $2,018 in 2022. This represents a 73% increase in average rent prices from 2013 to 2022. The population growth from 5,037 in 2013 to 5,950 in 2022 may have contributed to the upward pressure on rent prices.
Looking at the most recent data, the average home price in zip code 03032 continued to rise, reaching $601,776 in 2023 and $631,908 in 2024. This represents a 6.2% increase from 2022 to 2023 and a further 5% increase from 2023 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 03032 to continue their upward trajectory, potentially reaching around $750,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $2,500 per month within the next five years, assuming current economic conditions and population growth trends persist.
In summary, zip code 03032 has maintained a high homeownership rate despite rising average home prices and interest rates. The area has experienced substantial growth in both average home prices and average rent prices, with population growth likely contributing to these trends. The continued increase in average home prices, even in the face of rising interest rates, suggests strong demand for housing in this area. Future trends indicate further increases in both home prices and rent prices, which may impact affordability and potentially influence homeownership rates in the coming years.
