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Zip Code 27205: Rising Home Values and Steady Ownership in Asheboro's Zoo-Adjacent Area
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 27205, located in Asheboro, North Carolina, has experienced notable trends in homeownership rates and housing prices over the past decade. This area, known for its rich history and as the home of the North Carolina Zoo, has seen a general increase in homeownership and average home prices, while average rent prices have fluctuated.
The homeownership rate in zip code 27205 has shown a slight upward trend over the years. In 2013, the homeownership rate was 79%, and by 2022, it had increased to 80%. This increase coincided with a significant rise in average home prices. In 2013, the average home price was $143,747, and by 2022, it had risen to $245,499, representing a substantial 70.8% increase over nine years.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained very low, ranging from 0.11% to 0.40%. During this period, homeownership rates in zip code 27205 remained relatively stable, fluctuating between 76% and 79%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in the area remained resilient, even showing a slight increase to 78% by 2019.
Renter percentages in zip code 27205 have remained relatively stable, with a slight decrease over time. In 2013, the renter-occupied rate was 20%, and by 2022, it had decreased slightly to 20%. Average rent prices, however, have shown more variability. In 2013, the average rent was $695, and it increased to $825 by 2021, representing an 18.7% increase. Interestingly, in 2022, there was a noticeable decrease in average rent to $739, a 10.4% drop from the previous year.
Looking at the most recent data, in 2023, the average home price in zip code 27205 reached $256,924, and in 2024, it further increased to $267,889. This represents a 4.7% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels seen since 2007.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 27205 to continue their upward trajectory, potentially reaching around $310,000 by 2029. Average rent prices, which have shown more volatility, may stabilize and gradually increase, potentially reaching approximately $900 per month by 2029.
In summary, zip code 27205 has demonstrated a robust housing market with increasing homeownership rates and steadily rising average home prices. Despite fluctuations in average rent prices and significant increases in federal interest rates, the area has maintained a strong preference for homeownership. The continued rise in average home prices, even in the face of higher interest rates, suggests a sustained demand for housing in this Asheboro zip code.
