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Zip Code 21117: Average Home Values and Ownership in Owings Mills's Dynamic Real Estate Market
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
Owings Mills, located in zip code 21117 in Maryland, has experienced significant demographic and housing market changes over the past decade. This suburban community, known for its blend of residential areas and commercial development, has seen fluctuations in homeownership rates and steady increases in both average home prices and average rent prices. The homeownership rate in zip code 21117 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 54%, and by 2022, it had increased marginally to 55%. During this period, average home prices in the area saw a substantial increase. In 2013, the average home price was $242,505, which rose to $355,968 by 2022, representing a 46.8% increase over nine years. This trend suggests that despite rising home prices, the community has maintained a consistent level of homeownership.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates reached their highest levels at 54% and 56%. This aligns with the general trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in zip code 21117 have also remained relatively stable, ranging from 44% to 46% between 2013 and 2022. Concurrently, average rent prices have shown a steady increase. In 2013, the average rent was $1,421, which rose to $1,586 by 2022, an 11.6% increase over nine years. This increase in rent prices, while significant, has been less dramatic than the rise in home prices. The stability in renter percentages despite rising rents may be attributed to the area's growing population, which increased from 55,396 in 2013 to 58,695 in 2022, potentially maintaining demand for rental properties.
As of 2024, the average home price in zip code 21117 has reached $372,994, showing continued appreciation from the 2022 value of $355,968. This represents a 4.8% increase over two years. The federal interest rate in 2024 stands at 5.33%, significantly higher than the rates seen in the early 2020s, which could potentially impact future homeownership trends in the area.
Looking ahead, predictive models suggest that average home prices in zip code 21117 may continue to rise over the next five years, potentially reaching around $425,000 by 2029. This projection is based on the historical trend of steady appreciation observed in the area. Average rent prices are also expected to increase, potentially reaching approximately $1,800 by 2029, assuming a continuation of the current growth rate.
In summary, zip code 21117 in Owings Mills has demonstrated resilience in its housing market. Despite significant increases in average home prices and moderate increases in average rent prices, homeownership and renter percentages have remained relatively stable. The area has seen consistent population growth, which has likely contributed to the sustained demand for both owned and rented properties. The recent rise in interest rates may influence future homeownership trends, potentially slowing the rate of increase in home prices or affecting the balance between owners and renters in the coming years.
