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Zip Code 21529: Ellerslie's Homeownership and Average Home Values Remain Resilient Amid Economic Changes
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
Ellerslie, located in zip code 21529 in Maryland, is a small community with a population that has grown steadily over the past decade. This area has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Ellerslie has remained relatively stable, with slight fluctuations over the years. In 2013, the homeownership rate was 75%, which increased to 82% in 2014. By 2022, it settled at 78%. This stability in homeownership coincides with a general upward trend in average home prices. In 2010, the average home price was $124,385, which dropped to $111,126 in 2014 before steadily climbing to $160,923 in 2022. This represents a 29.4% increase in average home prices from 2010 to 2022, despite some fluctuations in the intervening years.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2015, interest rates remained exceptionally low, hovering around 0.1% to 0.18%. During this period, homeownership rates in Ellerslie were generally high, reaching 82% in 2014. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed slight declines but remained robust, settling at 78% in 2022. This suggests that while low interest rates encouraged homeownership, other factors also contributed to the area's high rate of owner-occupied housing.
Renter percentages in Ellerslie have shown an inverse relationship to homeownership rates, naturally fluctuating between 17% and 24% from 2013 to 2022. Average rent prices have generally increased over this period, rising from $773 in 2013 to $844 in 2022, a 9.2% increase. Notably, there was a significant jump in average rent to $940 in 2021, possibly influenced by the broader economic impacts of the COVID-19 pandemic, before moderating in 2022.
In 2023, the average home price in Ellerslie reached $163,864, showing continued growth from previous years. However, in 2024, there's a slight decrease to $161,653. This minor dip coincides with a substantial increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home prices.
Looking ahead, based on historical trends and current economic conditions, we can project that average home prices in Ellerslie may experience moderate growth over the next five years, potentially reaching around $175,000 by 2029. Average rent prices are likely to continue their upward trajectory, possibly hitting $900-$950 per month in the same timeframe, assuming steady population growth and consistent demand for rental properties.
In summary, Ellerslie has maintained a strong homeownership base despite fluctuations in average home prices and interest rates. The area has seen overall growth in both home values and rent prices, reflecting its desirability and economic stability. The recent uptick in interest rates may lead to a period of more moderate price growth in the housing market, while rental demand is likely to remain robust.
