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Zip Code 03781: Rising Home Values and High Ownership Rates in Rural 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
Plainfield, located in zip code 03781 in New Hampshire, is a small community that has experienced fluctuations in homeownership rates and housing prices over the past decade. The area has maintained a consistently high rate of owner-occupied housing, with a slight upward trend in recent years. Average home prices have shown significant growth, particularly since 2019, while average rent prices have exhibited more variability.
The percentage of owner-occupied housing in Plainfield has remained relatively stable, with a slight increase observed in recent years. In 2013, the homeownership rate stood at 89%, and by 2022, it had risen to 91%. This 2% increase in homeownership coincided with a substantial rise in average home prices. From 2019 to 2022, average home prices in the area surged from $288,627 to $435,210, representing a remarkable 50.8% increase over just three years.
The relationship between federal interest rates and homeownership rates in Plainfield appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates decreased from 2.16% in 2019 to 0.38% in 2020, the homeownership rate remained stable at 88%. The subsequent increase to 91% homeownership in 2021 and 2022 occurred despite a slight rise in interest rates, suggesting other factors may have influenced this trend.
Renter percentages in Plainfield have shown a corresponding decline as homeownership rates increased. The percentage of renter-occupied housing decreased from 13% in 2015 to 8% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,742, which decreased to $1,055 in 2015 before rising again to $1,412 in 2022. These fluctuations in rent prices do not appear to have a direct correlation with the declining renter percentages, suggesting that other factors, such as local economic conditions or housing availability, may have played a role in the shift towards homeownership.
As of 2024, the average home price in Plainfield has reached $468,830, representing a 3.2% increase from the 2023 value of $454,476. This continued growth in home prices has occurred despite a significant increase in federal interest rates, which stood at 5.02% in 2023 and rose further to 5.33% in 2024. The persistence of rising home prices in the face of higher interest rates suggests a strong demand for housing in the area.
Looking ahead, predictive models forecast a continuation of the upward trend in average home prices for Plainfield over the next five years. Based on the historical data and current market conditions, average home prices are projected to increase by approximately 3-5% annually. Average rent prices are also expected to rise, albeit at a more moderate pace of 2-3% per year, reflecting the area's preference for homeownership and potential economic growth.
In summary, Plainfield has experienced a notable increase in homeownership rates and a significant rise in average home prices over the past decade. The community has shown resilience in maintaining high levels of owner-occupied housing despite fluctuations in federal interest rates. The forecast suggests continued growth in both home prices and rent prices, indicating a robust and attractive housing market in this New Hampshire community.
