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Zip Code 21211: Rising Home Values and Stable Ownership in Baltimore
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 21211, located in Baltimore, Maryland, showcases an intriguing mix of urban dynamics and evolving real estate trends. This area, spanning 2.26 square miles, has experienced fluctuations in homeownership rates and significant changes in both average home prices and average rent over the past decade.
The homeownership rate in zip code 21211 has remained relatively stable, with slight fluctuations between 51% and 55% from 2013 to 2022. Interestingly, as average home prices steadily increased, the homeownership rate didn't show a corresponding decline. In 2013, the average home price was $171,727, with 54% of residents owning their homes. By 2022, despite the average home price rising to $257,384, the homeownership rate remained at 54%. This suggests a resilient local housing market where rising prices haven't significantly deterred homeownership.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical inverse correlation. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 55%, the same as in 2020 when rates were 0.38%. Conversely, as interest rates rose to 1.68% in 2022, the homeownership rate only slightly decreased to 54%. This suggests that local factors may have a stronger influence on homeownership decisions in this area than national interest rate trends.
Renter percentages and average rent prices in zip code 21211 show an interesting pattern. The percentage of renters fluctuated between 45% and 49% from 2013 to 2022. Average rent prices consistently increased during this period, rising from $1,166 in 2013 to $1,418 in 2022, a 21.6% increase. Notably, the highest average rent of $1,600 was recorded in 2021 when the renter percentage was at its lowest point of 45%. This could indicate a temporary supply-demand imbalance or reflect broader economic factors affecting the rental market.
Looking at the most recent data, the average home price in zip code 21211 continued to rise, reaching $262,771 in 2023 and further increasing to $276,412 in 2024. This represents a 7.4% increase from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and average rent in zip code 21211. Average home prices are projected to reach approximately $310,000 by 2029, assuming a consistent growth rate. Average rent prices are expected to increase to around $1,700 per month in the same timeframe, following the upward trend observed in recent years.
In summary, zip code 21211 demonstrates a robust housing market with steadily increasing average home prices and average rent, despite fluctuations in homeownership rates. The area has shown resilience to rising interest rates, maintaining relatively stable homeownership levels. The consistent increase in both home prices and rent suggests ongoing demand for housing in this Baltimore neighborhood, potentially driven by its urban location and local economic factors.
