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Zip Code 03451 in Hinsdale, NH: Rising Home Values and Ownership Amidst Interest Rate Changes
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 03451, located in Hinsdale, New Hampshire, has shown interesting demographic and housing market trends over the past decade. This area has experienced a notable shift towards increased homeownership, rising from 71% in 2013 to 85% in 2022. Concurrently, average home prices have seen substantial growth, while average rent prices have fluctuated.
The trend between homeownership percentage and average home prices in zip code 03451 reveals a positive correlation. As homeownership rates increased from 71% in 2013 to 85% in 2022, average home prices rose from $125,415 to $227,055 during the same period, representing an 81% increase. This trend suggests that as more residents became homeowners, demand for housing likely increased, contributing to the rise in average home prices.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates in the area increased from 71% to 73%. As interest rates began to rise more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership continued to grow, reaching 81% by 2019. This trend indicates that despite rising interest rates, other factors such as local economic conditions or housing market dynamics may have encouraged homeownership in this zip code.
The renter percentage in zip code 03451 has steadily decreased from 29% in 2013 to 15% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $871, which increased to a peak of $1,421 in 2018 before declining to $1,028 in 2022. This trend suggests that as the renter population decreased, there may have been less demand for rental properties, potentially contributing to the recent decline in average rent prices.
Looking at the most recent data, average home prices in zip code 03451 continued to rise, reaching $248,942 in 2023 and $269,541 in 2024. This represents a 18.7% increase from 2022 to 2024. Simultaneously, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 03451 will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $320,000 to $340,000. Average rent prices may stabilize or show modest increases, potentially reaching $1,100 to $1,200 per month by 2029, assuming the current trends in homeownership and population density persist.
In summary, zip code 03451 has experienced a significant shift towards homeownership over the past decade, accompanied by substantial growth in average home prices. The area has seen a decrease in the renter population and fluctuating average rent prices. Despite rising interest rates, the local housing market has remained robust, with continued growth in home values. These trends suggest a strong preference for homeownership in this area, which is likely to continue shaping the local real estate market in the coming years.
