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Zip Code 22033: A Decade of Stable Homeownership Amidst Rising Home Values in Fair Oaks, Virginia
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
Fair Oaks, located in zip code 22033 in Virginia, is a vibrant community that has experienced significant demographic and real estate changes over the past decade. This area has maintained a consistent homeownership rate of around 62-63%, while seeing substantial increases in both average home prices and average rent prices.
The relationship between homeownership rates and average home prices in Fair Oaks presents an interesting trend. Despite the average home price rising from $367,611 in 2010 to $625,602 in 2022, a 70% increase, the homeownership rate remained relatively stable, fluctuating only slightly between 61% and 63%. This suggests a strong desire for homeownership in the area, even as prices climbed. The most significant jump in average home prices occurred between 2020 and 2022, with a 17.9% increase from $530,234 to $625,602.
Federal interest rates have played a role in homeownership trends in Fair Oaks. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates held steady at 62%, suggesting that low interest rates helped maintain homeownership levels despite rising home prices. As interest rates began to climb from 2016 onwards, reaching 1.68% in 2022, homeownership rates actually increased slightly to 63%, indicating a resilient housing market in the area.
Renter percentages and average rent prices in Fair Oaks have shown a corresponding trend. The percentage of renters remained relatively stable, fluctuating between 36% and 39% from 2013 to 2022. However, average rent prices increased significantly during this period, rising from $1,886 in 2013 to $2,238 in 2022, a 18.7% increase. The most substantial jump in average rent occurred between 2018 and 2019, with a 6.8% increase from $2,110 to $2,253. This trend suggests that despite rising rents, the demand for rental properties in the area remained strong.
In 2023 and 2024, the housing market in Fair Oaks continued to show strength. The average home price reached $636,509 in 2023 and further increased to $673,386 in 2024, representing a 5.8% year-over-year growth. This occurred despite a significant rise in federal interest rates, which jumped from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in both average home prices and rent prices for Fair Oaks over the next five years. Average home prices could potentially reach around $800,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices might increase to approximately $2,600-$2,800 per month in the same timeframe, based on historical appreciation rates.
In summary, Fair Oaks has demonstrated a resilient and growing real estate market. Despite significant increases in both average home prices and rent prices, homeownership rates have remained stable, indicating strong demand for housing in the area. The community has shown adaptability to changing economic conditions, including fluctuations in federal interest rates. As we move forward, the area is likely to continue experiencing appreciation in property values and rental rates, making it an attractive location for both homeowners and investors.
