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Zip Code 03048: Rising Home Values and Shifting Ownership Trends in Rural 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 03048, located in Greenville, New Hampshire, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a high rate of owner-occupied housing, with average home prices showing a consistent upward trend.
The ownership percentage in zip code 03048 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 83%, and by 2022, it had slightly decreased to 80%. During this same period, average home prices saw a significant increase. In 2014, the average home price was $201,647, and by 2022, it had risen to $393,474, representing a 95% increase over eight years.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates between 2014 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate actually decreased slightly from 81% to 80%. This suggests that factors other than interest rates, such as local economic conditions or housing supply, may have had a stronger influence on homeownership in this area.
Renter percentages in zip code 03048 have shown minor fluctuations, ranging from 13% in 2017 to 20% in 2022. Average rent prices have generally increased during this period, with some volatility. In 2013, the average rent was $1,083, and by 2022, it had risen to $1,465, an increase of about 35%. The population in the zip code has remained relatively stable, with 3,634 residents in 2013 and 3,676 in 2022, suggesting that changes in rental demand were not primarily driven by population growth.
In 2023 and 2024, average home prices in zip code 03048 continued their upward trajectory. The average home price reached $419,994 in 2023 and further increased to $446,778 in 2024. This represents a 13.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, based on the observed trends, we can forecast continued growth in both average home prices and rent prices for zip code 03048 over the next five years. Average home prices are projected to increase by approximately 6-8% annually, potentially reaching around $620,000 by 2029. Average rent prices are expected to rise at a more moderate pace of 3-5% per year, potentially reaching about $1,800 per month by 2029.
In summary, zip code 03048 has maintained a high rate of homeownership despite rising home prices. The area has experienced substantial growth in property values, with average home prices nearly doubling from 2014 to 2022. Rent prices have also increased, albeit at a slower rate. The recent spike in interest rates may influence future homeownership trends, potentially slowing the rate of price increases or affecting affordability for new buyers. However, the consistent upward trend in both home prices and rents suggests continued demand for housing in this area.
