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Zip Code 03258: Rising Home Values and High Ownership Rates in Pittsfield, 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 03258, located in Pittsfield, New Hampshire, has shown notable trends in homeownership and housing prices over the past decade. This area has experienced a steady increase in population density and a general trend towards higher homeownership rates, accompanied by significant growth in average home prices.
The homeownership rate in zip code 03258 has seen a gradual increase from 89% in 2013 to 92% in 2022. This upward trend in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $230,485, which steadily climbed to $448,586 by 2022, representing a remarkable 94.6% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices surged from $325,807 to $388,638, a 19.3% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in this area. The period from 2013 to 2022 was characterized by historically low interest rates, ranging from 0.11% in 2013 to 1.68% in 2022. These low rates likely contributed to the increased affordability of mortgages, supporting the rise in homeownership rates. The slight dip in homeownership from 92% in 2020 to 91% in 2021 might be attributed to the economic uncertainties during the COVID-19 pandemic, despite the extremely low interest rate of 0.08% in 2021.
As homeownership rates increased, the percentage of renters in zip code 03258 naturally decreased, from 11% in 2013 to 7% in 2022. Interestingly, average rent prices showed some fluctuation during this period. In 2013, the average rent was $1,077, which decreased to $981 by 2017. However, rent prices then began to climb again, reaching $1,186 in 2021 before slightly declining to $1,058 in 2022. This trend suggests that while the rental market has shrunk in terms of occupancy, it has remained relatively stable in terms of pricing, possibly due to the limited supply of rental properties in an area with increasing population density.
Looking at the most recent data, the average home price in zip code 03258 continued its upward trajectory, reaching $473,453 in 2023 and $498,496 in 2024. This represents a 5.5% increase from 2023 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 03258 to continue rising, potentially reaching around $600,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes continued population growth and economic stability in the area. Average rent prices are likely to follow a more modest upward trajectory, potentially reaching around $1,300 by 2029, reflecting the area's preference for homeownership and limited rental market.
In summary, zip code 03258 has demonstrated a strong trend towards increased homeownership, with rates rising from 89% to 92% between 2013 and 2022. This trend has been accompanied by significant growth in average home prices, which more than doubled during the same period. The area has maintained a relatively small but stable rental market, with average rent prices showing less dramatic fluctuations. The recent spike in federal interest rates and the continued rise in home prices suggest that the housing market in this zip code may face new challenges in terms of affordability, potentially impacting future homeownership rates and housing market dynamics.
