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Zip Code 27455: Rising Home Values and Stable Ownership in Greensboro's Urban-Suburban Mix
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 27455, located in Greensboro, North Carolina, covers an area of 29.0 square miles. This suburban area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased homeownership and rising average home prices.
The homeownership rate in zip code 27455 has shown a gradual increase from 68% in 2016 to 70% in 2022. During this period, average home prices have also seen a significant upward trend. In 2016, the average home price was $208,492, and by 2022, it had risen to $335,352, representing a substantial increase of 60.8% over six years. This positive correlation between homeownership rates and average home prices suggests that despite rising costs, more residents in the area are choosing to become homeowners.
Federal interest rates have played a role in homeownership trends in zip code 27455. In 2016, when the federal interest rate was 0.4%, the homeownership rate was 68%. As interest rates increased to 1.83% in 2018, homeownership also rose to 70%. This trend continued through 2022, with the homeownership rate remaining at 70% despite the interest rate climbing to 1.68%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have a stronger influence on homeownership in this area than interest rates alone.
Renter percentages in zip code 27455 have shown a slight decrease, from 31% in 2016 to 30% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2016, the average rent was $976, which decreased to $983 in 2017 before rising to $1,135 in 2022. This represents a 16.3% increase in average rent from 2016 to 2022. The population of the zip code has remained relatively stable, with 28,536 residents in 2016 and 27,179 in 2022, suggesting that changes in rental prices are not primarily driven by population shifts.
Looking at the most recent data, the average home price in zip code 27455 reached $346,923 in 2023 and further increased to $355,778 in 2024. This represents a 2.6% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, from 5.02% in 2023 to 5.33% in 2024, which could potentially impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 27455 will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, we project that average home prices could reach approximately $400,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching around $1,300 per month by 2029.
In summary, zip code 27455 has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The area has seen substantial growth in average home values, particularly from 2016 to 2022. While rental rates have slightly decreased, average rent prices have shown moderate growth. The recent increases in federal interest rates may influence future homeownership trends, but the area's strong housing market suggests continued stability and growth in the coming years.
