Loading Content...
Zip Code 27572: Rising Home Values and High Ownership Rates in Rural North Carolina
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 27572, located in Rougemont, North Carolina, has experienced significant changes in homeownership rates and property values over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with average home prices showing a steady upward trend. The ownership percentage in zip code 27572 has remained remarkably stable, hovering around 90% throughout the observed period. In 2013, the homeownership rate was 87%, which increased to 93% by 2022. This high rate of ownership coincides with a substantial increase in average home prices. In 2010, the average home price was $168,138, which rose steadily to $320,514 by 2022, representing a 90.6% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this area is less pronounced than might be expected. Despite fluctuations in interest rates, the homeownership rate remained relatively stable. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 92%. Interestingly, the rate increased to 93% in 2022 when interest rates rose to 1.68%, suggesting that other local factors may have a stronger influence on homeownership in this zip code.
Renter percentages in zip code 27572 have remained low, ranging from 5% to 8% between 2013 and 2022. The average rent prices have shown some variability but generally increased over time. In 2013, the average rent was $730, which rose to $850 in 2020, representing a 16.4% increase. However, there was a slight decrease to $760 in 2022. The low renter percentage coupled with the fluctuating rent prices suggests a limited rental market in this area.
Looking at the most recent data, the average home price in zip code 27572 continued its upward trajectory, reaching $335,146 in 2023 and further increasing to $350,047 in 2024. This represents a 9.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 27572 will continue to rise, potentially reaching around $425,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of about $850 per month by 2029, assuming the rental market remains limited in this predominantly owner-occupied area.
In summary, zip code 27572 is characterized by a strong preference for homeownership, with consistently high owner-occupancy rates above 90%. The area has experienced significant appreciation in average home values, nearly doubling over a 12-year period. Despite rising interest rates, the local housing market has shown resilience, with continued price growth. The rental market remains small, with relatively stable renter percentages and modest increases in average rent prices. These trends suggest a robust and desirable housing market in this North Carolina community, with a strong emphasis on homeownership.
