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Zip Code 03825: Rising Home Values and High Ownership Rates in Rochester, 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 03825 in Rochester, New Hampshire, has exhibited noteworthy trends in homeownership and housing prices over the past decade. This area has maintained a high rate of homeownership while experiencing significant changes in both housing and rental markets. Homeownership rates in zip code 03825 have remained consistently high, ranging from 87% to 92% between 2013 and 2022. During this period, average home prices have shown a steady increase. In 2013, the average home price was $225,494, which rose to $461,463 by 2022, representing a substantial 104.6% increase over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. Despite fluctuations in federal interest rates, homeownership rates remained relatively stable and high. For instance, in 2013, when interest rates were at 0.11%, the homeownership rate was 87%. By 2022, with interest rates at 1.68%, homeownership had increased to 90%. This suggests that other local factors may have a more significant influence on homeownership in this area than national interest rates.
Renter percentages in zip code 03825 have remained relatively low, ranging from 8% to 13% between 2013 and 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,705, which peaked at $1,989 in 2018 before declining to $1,190 in 2022. This represents a 40.2% decrease in average rent from its peak. The low percentage of renters combined with fluctuating rent prices suggests a limited rental market in the area, possibly influenced by the strong homeownership trend.
In 2023, the average home price in zip code 03825 reached $488,747, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $518,138, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in home values despite higher interest rates, suggesting strong local demand for housing in this area.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 03825 will likely continue to rise over the next five years, potentially reaching around $600,000 by 2029. Average rent prices, which have been more volatile, may stabilize and gradually increase, possibly reaching $1,500 by 2029. However, these predictions are subject to various economic factors and local market conditions.
In summary, zip code 03825 in Rochester, New Hampshire, demonstrates a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The area has maintained its appeal to homeowners despite fluctuations in interest rates and rent prices, suggesting a stable and desirable residential community.
