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Zip Code 21222: Average Home Values and Ownership Trends in Dundalk's Industrial Hub
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 21222, located in Dundalk, Maryland, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown resilience in its housing market, with a gradual shift in the balance between owners and renters.
The homeownership rate in zip code 21222 has seen a slight decline from 67% in 2013 to 63% in 2022. This trend coincides with an increase in average home prices, which rose from $125,956 in 2013 to $202,359 in 2022, representing a 60.7% increase over nine years. The inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable at 65-67%. However, as interest rates began to rise, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates declined to 64% and 63% respectively. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in zip code 21222 has increased from 33% in 2013 to 37% in 2022. This rise in renters corresponds with an increase in average rent prices, which grew from $1,198 in 2013 to $1,298 in 2022, a 8.3% increase. The population of the area has also grown during this period, from 54,170 in 2013 to 59,366 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in zip code 21222 continued to evolve. The average home price reached $209,897 in 2023 and further increased to $217,720 in 2024, representing a 7.6% growth over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 21222 may continue to rise over the next five years, potentially reaching around $250,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 21222 has experienced a gradual shift towards renting, with a slight decrease in homeownership rates over the past decade. This trend has occurred alongside substantial increases in average home prices and moderate growth in average rent prices. The interplay between federal interest rates, population growth, and housing market dynamics has shaped these trends, creating a complex and evolving housing landscape in this Maryland community.
