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Zip Code 03086: Rising Home Values and Stable Ownership in Wilton, 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 03086, located in Wilton, New Hampshire, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has maintained a relatively stable population, with a slight increase from 3,767 in 2010 to 3,984 in 2022. The community has predominantly been owner-occupied, with homeownership rates consistently above 75% throughout the observed period.
The relationship between homeownership percentages and average home prices in zip code 03086 shows an interesting trend. In 2013, the homeownership rate was 80%, with an average home price of $213,315. As average home prices steadily increased, reaching $280,598 in 2019, the homeownership rate also rose to 86%. This suggests a positive correlation between rising home values and homeownership rates in the area. However, in 2020, despite a significant jump in average home prices to $305,640, the homeownership rate slightly decreased to 81%, indicating that rapidly increasing prices may have started to affect affordability for some residents.
Federal interest rates have played a role in homeownership trends in zip code 03086. From 2013 to 2015, when interest rates were exceptionally low (between 0.09% and 0.13%), homeownership rates remained relatively stable around 78-80%. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, homeownership rates actually increased to 86%, possibly due to residents rushing to purchase homes before rates climbed further. The subsequent drop in interest rates to 0.38% in 2020 coincided with a slight decrease in homeownership to 81%, likely influenced by other economic factors during that time.
Renter percentages and average rent prices in zip code 03086 have shown some fluctuations. In 2013, the renter-occupied percentage was 20%, with an average rent of $1,303. By 2019, the renter percentage decreased to 14%, while the average rent increased to $1,403. This inverse relationship suggests that as rents rose, fewer people may have opted to rent. However, in 2020, there was a slight increase in renters to 19%, despite a drop in average rent to $1,174, possibly indicating economic uncertainties during that period.
Looking at the most recent data, average home prices in zip code 03086 continued to rise, reaching $436,494 in 2023 and $462,201 in 2024. This represents a significant increase from previous years, with a 19.7% jump from 2022 to 2023 and a further 5.9% increase from 2023 to 2024. Concurrently, federal interest rates have also risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in zip code 03086 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach around $525,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,700-$1,800 per month in the same timeframe, driven by overall housing market pressures and inflation.
In summary, zip code 03086 has demonstrated a strong preference for homeownership, with rates consistently above 75%. The area has seen substantial growth in average home prices, particularly in recent years, which has generally corresponded with high homeownership rates. The relationship between interest rates and homeownership has been complex, with periods of low rates not always directly correlating to higher ownership. Rental markets have shown some volatility, with recent trends suggesting a potential increase in renting. The coming years are likely to see continued growth in both home prices and rents, though the pace may be moderated by higher interest rates and broader economic factors.
