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Zip Code 06460: Rising Home Values and Ownership Rates in Milford, Connecticut
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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 06460, located in Milford city, Connecticut, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving landscape of this community. The homeownership rate in zip code 06460 has shown fluctuations over the years, with a notable increase in recent times. In 2013, the homeownership rate stood at 70%, and after experiencing slight variations, it rose to 73% in 2022. This upward trend in homeownership coincides with substantial growth in average home prices. The average home price in 2013 was $262,654, and it steadily increased to reach $402,595 in 2022, representing a 53.3% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals interesting patterns. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates remained fairly stable, fluctuating between 67% and 71%. However, as interest rates began to rise more significantly in 2022 to 1.68%, the homeownership rate surprisingly increased to 73%. This suggests that other local factors may have had a stronger influence on homeownership decisions in this area than national interest rates.
Renter percentages and average rent prices in zip code 06460 have also shown notable trends. The percentage of renters decreased from 33% in 2020 to 27% in 2022. Despite this decrease in the renter population, average rent prices have continued to rise. In 2013, the average rent was $1,194, and it increased to $1,606 in 2022, representing a 34.5% increase. This upward trend in rent prices, despite a decreasing renter population, may indicate a tightening rental market or an increase in higher-quality rental properties.
As of 2024, the average home price in zip code 06460 has reached $471,412, showing a significant increase from the 2022 figure. This represents a 17% rise in just two years. The current federal interest rate stands at 5.33%, which is substantially higher than the rates observed in previous years. Despite this higher interest rate, the housing market in this zip code appears to remain robust, with home prices continuing to appreciate.
Looking ahead, based on the observed trends, we can forecast that average home prices in zip code 06460 may continue to rise over the next five years, potentially reaching around $550,000 by 2029. Average rent prices could also see continued growth, possibly approaching $1,900 per month in the same timeframe. However, these projections assume relatively stable economic conditions and local market factors.
In summary, zip code 06460 has experienced a notable increase in homeownership rates and substantial growth in both average home prices and rent prices over the past decade. The area has shown resilience in its housing market, with home prices continuing to appreciate even in the face of rising interest rates. These trends suggest a strong demand for housing in this community, potentially driven by its desirable location or local economic factors.
