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Zip Code 06753: Cornwall's Unique 100% Homeownership and Rising Average Home Values
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 06753, representing Cornwall, Connecticut, is a small community with a population of 3 residents as of 2022. This area covers 0.1 square miles, resulting in a population density of 30 people per square mile. Cornwall has maintained a consistent 100% homeownership rate since 2013, with no renters reported in the available data. The average home prices in this area have shown interesting fluctuations over the years.
The homeownership rate in Cornwall has remained steady at 100% from 2013 to 2022, indicating a strong preference for owner-occupied housing in this small community. Average home prices have seen significant growth over the years. In 2016, the average home price was $416,217, which increased to $623,652 by 2022, representing a 49.8% increase over six years. This substantial rise in average home prices did not affect the homeownership rate, suggesting that the residents of Cornwall have maintained their ability to own homes despite the price increases.
Federal interest rates have fluctuated over the years, but they remained relatively low from 2010 to 2021, ranging from 0.08% to 2.16%. These low interest rates likely contributed to the sustained 100% homeownership rate in Cornwall by making mortgages more affordable. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate remained unchanged, indicating a strong commitment to homeownership in this community.
As there are no reported renters in Cornwall, we cannot analyze trends in renter percentages or average rent prices in relation to the population. However, it's worth noting that the median rent data provided shows some fluctuations over the years. For instance, the median rent increased from $894 in 2013 to $1,357 in 2021, representing a 51.8% increase. Despite these changes in median rent, the community maintained its 100% homeownership status.
In 2023 and 2024, average home prices in Cornwall continued to rise. The average home price reached $636,504 in 2023 and further increased to $667,560 in 2024, representing a 4.9% year-over-year increase. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade. Despite these higher interest rates, the community appears to have maintained its strong homeownership trend.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Cornwall may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. If the current trajectory continues, average home prices could potentially reach around $750,000 to $800,000 by 2029. However, if interest rates remain high, this could potentially slow down the rate of price appreciation.
In summary, Cornwall (06753) demonstrates a unique housing market characterized by consistent 100% homeownership despite rising average home prices. The community has shown resilience in maintaining this homeownership rate even in the face of significant home price appreciation and recent increases in interest rates. The absence of renters in the reported data suggests a strong preference for homeownership in this small, tight-knit community. As we move forward, it will be interesting to observe how this unique market responds to ongoing economic changes and whether it can maintain its perfect homeownership rate in the face of continually rising home prices and interest rates.
