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Zip Code 21230: Baltimore's Evolving Housing Market and 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 21230, located in Baltimore, Maryland, covers an area of 8.18 square miles. This urban neighborhood has experienced fluctuations in homeownership rates and housing prices over the past decade. From 2013 to 2022, the area saw a gradual shift from owner-occupied to renter-occupied housing, while average home prices and average rent prices generally trended upward.
The homeownership rate in zip code 21230 decreased steadily from 56% in 2013 to 49% in 2022. During this period, average home prices showed an overall upward trend, rising from $201,189 in 2013 to $262,280 in 2022, representing a 30.4% increase. However, this growth was not linear. The area experienced a peak in average home prices of $242,652 in 2018, followed by a slight decline to $232,136 in 2020, before rebounding to $262,280 in 2022.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained relatively stable at around 54-56%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates declined to 51%. This trend suggests that higher interest rates may have made homeownership less affordable for some residents in the area.
As homeownership rates declined, the percentage of renters in zip code 21230 increased from 44% in 2013 to 51% in 2022. During this period, average rent prices also showed an upward trend, rising from $1,420 in 2013 to $1,515 in 2022, an increase of 6.7%. The population in the area remained relatively stable, growing slightly from 33,934 in 2013 to 32,696 in 2022. This suggests that the increase in renter population was primarily due to a shift from homeownership to renting rather than a significant influx of new residents.
In 2023, the average home price in zip code 21230 slightly decreased to $261,731, while in 2024, it increased to $270,128. This represents a 3.2% increase from 2023 to 2024. Notably, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, home prices continued to rise, suggesting strong demand in the area.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in zip code 21230 may continue to rise moderately over the next five years, potentially reaching around $290,000 to $300,000 by 2029. Average rent prices are also likely to increase, potentially reaching $1,700 to $1,800 per month in the same timeframe. However, these predictions assume relatively stable economic conditions and no major market disruptions.
In summary, zip code 21230 has experienced a gradual shift towards a renter-majority population over the past decade, with homeownership rates declining from 56% to 49%. Despite this shift, both average home prices and average rent prices have shown overall upward trends. The area has demonstrated resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. These trends suggest a dynamic and evolving urban neighborhood with a strong housing market.
