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Zip Code 03449: Analyzing Average Home Values and Ownership Trends in Hancock, 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 03449, located in Hancock, New Hampshire, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, characterized by its rural New England charm, has seen a general trend of decreasing homeownership and increasing average home and rent prices.
The homeownership rate in zip code 03449 has shown a gradual decline from 89% in 2013 to 85% in 2022. During this same period, average home prices have risen significantly, from $234,513 in 2013 to $443,668 in 2022, representing an impressive 89% increase. This inverse relationship suggests that rising home prices may be contributing to decreased affordability for potential homebuyers in the area. For instance, in 2016, when the homeownership rate was 88%, the average home price was $270,600. By 2020, as homeownership dropped to 84%, the average home price had risen to $323,782.
Federal interest rates have played a role in homeownership trends in zip code 03449. The period from 2013 to 2016 saw relatively stable homeownership rates around 89%, coinciding with historically low interest rates below 0.5%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates started to decline, dropping to 84% by 2018. This trend suggests that higher interest rates may have made mortgages less affordable, potentially discouraging home purchases.
The renter population in zip code 03449 has grown from 11% in 2013 to 15% in 2022, inversely mirroring the decline in homeownership. Average rent prices have shown volatility but an overall upward trend, increasing from $1,095 in 2013 to $1,141 in 2021, before dropping to $883 in 2022. The population has remained relatively stable, fluctuating between 1,700 and 1,900 residents throughout this period. The increase in renter percentage, despite fluctuations in rent prices, may indicate a shift towards renting due to rising home prices and changing demographic preferences.
In 2023 and 2024, average home prices in zip code 03449 continued their upward trajectory, reaching $478,218 in 2023 and $498,154 in 2024. This represents a 12.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 03449 may continue to rise over the next five years, potentially reaching around $550,000 by 2029. Average rent prices, while more volatile, are also expected to trend upwards, possibly exceeding $1,200 per month within the same timeframe.
In summary, zip code 03449 has experienced a clear trend of declining homeownership rates coupled with rising average home prices. The interplay between federal interest rates, increasing property values, and shifting demographics has contributed to a gradual rise in the renter population. As home prices continue to climb and interest rates remain elevated, this area may see further changes in its housing market dynamics, potentially favoring a rental market expansion.
