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Zip Code 03446: Rising Home Values and Shifting Ownership in West Swanzey, New Hampshire
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Swanzey, located in zip code 03446 in New Hampshire, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in West Swanzey has shown a general decline from 2013 to 2022. In 2013, the homeownership rate was 77%, which decreased to 69% by 2022. This decline coincided with a substantial increase in average home prices. In 2013, the average home price was $160,215, which rose dramatically to $306,759 by 2022, representing a 91.5% increase over this period. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in West Swanzey. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.09% to 0.4%), which corresponded with homeownership rates remaining above 75%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline, dropping to 71% by 2019. The sharp decrease in interest rates in 2020 (0.38%) and 2021 (0.08%) did not immediately reverse this trend, possibly due to other economic factors at play.
Renter percentages in West Swanzey have generally increased as homeownership rates declined. The renter population grew from 23% in 2013 to 31% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $1,379, which peaked at $1,518 in 2016 before declining to $1,320 in 2022. This fluctuation in rent prices, coupled with the increasing renter population, suggests a complex rental market influenced by factors such as housing supply, local economic conditions, and demographic shifts.
In 2023 and 2024, West Swanzey experienced further increases in average home prices. The average home price reached $331,099 in 2023 and climbed to $345,048 in 2024, representing a 12.5% increase over two years. This continued appreciation occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in West Swanzey may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and overall housing demand in the area. However, the rate of increase may be moderated by economic factors and local housing policies.
In summary, West Swanzey has experienced a notable shift in its housing market, characterized by declining homeownership rates, rapidly appreciating home values, and a growing renter population. The interplay between federal interest rates, local economic conditions, and housing affordability has shaped these trends, presenting both challenges and opportunities for residents and policymakers in this New Hampshire community.
