Loading Content...
Zip Code 05033: Rising Home Values and Stable Ownership in Bradford, Vermont
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bradford, Vermont, zip code 05033, is a charming community nestled in the Green Mountain State. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Bradford has shown notable stability with some minor fluctuations. In 2013, the homeownership rate stood at 73%, and by 2022, it had increased slightly to 75%. During this period, average home prices in the area demonstrated a significant upward trend. In 2013, the average home price was $178,315, which steadily increased to $264,581 by 2022, representing a substantial 48.4% increase over nine years.
The relationship between federal interest rates and homeownership rates in Bradford appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate in Bradford remained strong at 75% and 74%. This stability in homeownership during periods of low interest rates suggests that residents were taking advantage of favorable financing conditions.
Renter percentages in Bradford have shown some variability, ranging from a low of 23% in 2017 to a high of 30% in 2014 and 2015. Average rent prices have generally increased over time, albeit with some fluctuations. In 2013, the average rent was $949, which rose to $1,038 by 2021, representing a 9.4% increase. However, there was a slight decrease to $957 in 2022. The population of Bradford has remained relatively stable during this period, with 3,076 residents in 2013 and 3,113 in 2022, which may have contributed to the overall stability in the rental market.
In 2023 and 2024, Bradford has seen continued growth in average home prices. The average home price reached $278,075 in 2023 and further increased to $286,773 in 2024. This represents a 5.1% increase from 2022 to 2023 and a 3.1% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in Bradford may continue to rise over the next five years, potentially reaching around $325,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. Average rent prices are also expected to increase, potentially reaching approximately $1,150 per month by 2029, reflecting the ongoing demand for rental properties in the area.
In summary, Bradford has demonstrated resilience in its housing market, with steady increases in average home prices and relatively stable homeownership rates. The rental market has shown more variability, but with an overall upward trend in prices. The recent increases in federal interest rates may pose challenges for potential homebuyers, but the continued rise in home values suggests ongoing demand in this Vermont community.
