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Zip Code 21234: Rising Home Values and Steady Ownership in Carney, Maryland
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 21234, located in Carney, Maryland, is a dynamic area characterized by evolving homeownership patterns and fluctuating housing prices. Over the past decade, this area has experienced shifts in its ownership percentages, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 21234 has shown a slight increase in recent years. In 2013, the ownership percentage stood at 64%, which remained relatively stable until 2021 when it rose to 64% again, and further increased to 65% in 2022. This upward trend in homeownership coincides with changes in average home prices. The average home price in 2013 was $190,219, which steadily increased to $277,055 by 2022, representing a significant 45.6% increase over this period. This positive correlation suggests that rising home values have not deterred homeownership in the area, possibly indicating strong local economic conditions or increased desirability of the neighborhood.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 21234. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the stable homeownership rate of around 62-64%. The slight increase in homeownership to 65% in 2022, despite a rise in interest rates to 1.68%, suggests a strong local housing market resilient to moderate interest rate increases.
Renter percentages in zip code 21234 have shown minor fluctuations over the years. In 2013, the renter-occupied rate was 35%, which increased slightly to 38% by 2018 and remained at that level until 2020. However, by 2022, it decreased back to 35%. These changes in renter percentages have been accompanied by variations in average rent prices. The average rent in 2013 was $1,273, which increased to $1,369 by 2017, representing a 7.5% increase. After a slight dip, average rent reached $1,437 in 2021 before decreasing to $1,345 in 2022. These trends suggest a complex interplay between rental demand, housing availability, and overall market conditions in the area.
In 2023 and 2024, the housing market in zip code 21234 continued to evolve. The average home price in 2023 was $282,221, showing a modest increase from the previous year. This upward trend continued into 2024, with average home prices reaching $291,169. Notably, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a robust local housing market that has maintained its appeal despite higher borrowing costs.
Looking ahead, predictive models forecast continued growth in both average home prices and rent prices for zip code 21234 over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $340,000 by 2029. Average rent prices are expected to follow a similar trajectory, with an estimated annual increase of 2-3%, potentially reaching about $1,550 by 2029. These projections assume relatively stable economic conditions and continued desirability of the area.
In summary, zip code 21234 has demonstrated resilience and growth in its housing market. The area has maintained a strong homeownership rate despite rising home prices, suggesting a robust local economy and high demand for housing. The rental market has shown flexibility, adapting to changing economic conditions. With projected increases in both home and rent prices, the area is poised for continued growth and development in the coming years.
