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Zip Code 03852: Rising Home Values and Near-Universal Ownership in Milton Mills, NH
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
Milton Mills, located in zip code 03852 in New Hampshire, is a small community that has experienced significant changes in homeownership and housing prices over the past decade. This analysis will explore the trends in ownership percentages, average home prices, and their relationship to federal interest rates, as well as provide insights into future housing market predictions.
The ownership percentage in Milton Mills has shown a notable increase over the years, rising from 86% in 2015 to 99% in 2022. This trend coincides with a substantial increase in average home prices, which grew from $161,101 in 2015 to $334,848 in 2022, representing a 107.8% increase over seven years.
The relationship between federal interest rates and homeownership rates in Milton Mills is particularly interesting. Despite fluctuations in interest rates, the ownership percentage has consistently increased. For instance, when interest rates were at 0.13% in 2015, the ownership rate was 86%. As interest rates rose to 1.68% in 2022, the ownership rate reached 99%. This trend suggests that other factors, such as local economic conditions or housing supply, may have a stronger influence on homeownership in this area than interest rates alone.
While specific renter percentages are not available, we can infer from the high ownership rates that the renter population in Milton Mills is relatively small. The population has fluctuated over the years, from 518 in 2015 to 445 in 2022, which may have influenced the housing market dynamics.
In 2023 and 2024, Milton Mills continued to see growth in average home prices. The average home price in 2023 was $360,942, representing a 7.8% increase from 2022. In 2024, the average home price further increased to $375,634, a 4.1% rise from 2023. Notably, federal interest rates also saw a significant increase during this period, rising from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, home prices in the area continued to appreciate, suggesting strong demand for housing in Milton Mills.
Looking ahead, based on the historical data and recent trends, we can project continued growth in average home prices for Milton Mills over the next five years. Assuming a conservative annual growth rate of 4%, which is slightly lower than the most recent year-over-year increase, we can estimate that by 2029, the average home price in this area could reach approximately $456,800. This projection takes into account the current momentum in the housing market while allowing for potential moderation due to higher interest rates and economic factors.
In summary, Milton Mills has demonstrated a strong trend towards homeownership, with ownership rates reaching near 100% in recent years. Average home prices have more than doubled since 2015, showing robust appreciation even in the face of rising interest rates. The continued price growth in 2023 and 2024, despite higher interest rates, indicates a resilient housing market in this zip code. As we look to the future, the area is poised for further home price appreciation, making it an attractive location for potential homeowners and investors alike.
