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Zip Code 21524: Average Home Values and Ownership in Corriganville, 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
Corriganville, located in zip code 21524 in Maryland, is a small community with a population that has remained relatively stable over the past decade, hovering around 140 residents. This area has experienced fluctuations in homeownership rates and average rent prices, while average home prices have shown a gradual increase in recent years.
The homeownership rate in Corriganville has remained consistently high, ranging from 76% to 83% between 2013 and 2022. In 2013, the homeownership rate stood at 76%, rising to a peak of 83% in 2014. The rate then stabilized around 80% for several years before settling at 79% in 2022. Despite these minor fluctuations, the community has maintained a strong preference for homeownership throughout the observed period.
Federal interest rates have played a role in shaping homeownership trends in Corriganville. From 2013 to 2015, when interest rates were exceptionally low (between 0.09% and 0.13%), homeownership rates in the area were at their highest, reaching 83% in 2014. As interest rates began to rise gradually from 2016 onwards, there was a slight dip in homeownership, though it remained robust at around 80%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Corriganville have inversely mirrored the homeownership rates, ranging from 17% to 24% between 2013 and 2022. The average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $772, which increased to $919 by 2020, representing a significant 19% rise. However, there have been some fluctuations, with the average rent reaching a peak of $940 in 2021 before slightly decreasing to $844 in 2022. These changes in rent prices may be influenced by the small population size, where even minor shifts can have noticeable impacts on averages.
In 2023 and 2024, the average home prices in Corriganville continued their upward trajectory. The average home price rose from $170,253 in 2022 to $172,856 in 2023, and further increased to $173,303 in 2024. This represents a modest but steady appreciation in property values. Concurrently, federal interest rates have seen a significant increase, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. This sharp rise in interest rates could potentially impact future homeownership rates and housing market dynamics in the area.
Looking ahead, based on the observed trends, it's projected that average home prices in Corriganville will continue to rise gradually over the next five years, potentially reaching around $180,000 by 2029. Average rent prices are also expected to increase, albeit with potential fluctuations, and could approach $950 per month by 2029. However, these projections may be influenced by broader economic factors and local market conditions.
In summary, Corriganville in zip code 21524 has maintained a high rate of homeownership despite fluctuations in average rent prices and rising home values. The community has shown resilience in its housing market, with a consistent preference for homeownership even as federal interest rates have varied. The recent sharp increase in interest rates, coupled with steadily rising home prices, will likely play a significant role in shaping the area's housing market dynamics in the coming years.
