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Zip Code 27810: Rising Home Values and Ownership Rates in Rural North Carolina
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 27810, located in Belhaven, North Carolina, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area, known for its coastal charm and small-town atmosphere, has seen a general trend of increasing homeownership and rising average home prices, coupled with fluctuating rental markets.
The homeownership rate in zip code 27810 has shown a notable upward trend, increasing from 64% in 2013 to 72% in 2022. This 8 percentage point increase coincides with a substantial rise in average home prices. In 2013, the average home price was $123,046, which steadily increased to $225,999 by 2022, representing an impressive 83.7% growth over nine years. This strong correlation suggests that as property values appreciated, more residents were motivated to become homeowners, possibly viewing real estate as a sound investment opportunity.
Federal interest rates have played a significant role in shaping homeownership trends in the area. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This favorable borrowing environment likely contributed to the initial surge in homeownership, rising from 64% in 2013 to 69% in 2016. As interest rates began to climb more sharply from 2017 onwards, reaching 1.68% in 2022, the growth in homeownership slowed but remained resilient, suggesting other factors such as local economic conditions and housing market dynamics were also influential.
The rental market in zip code 27810 has experienced inverse trends to homeownership. The percentage of renters decreased from 36% in 2013 to 28% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trajectory. In 2013, the average rent was $623, which increased to $789 by 2022, representing a 26.6% rise. Notably, there was a significant spike in 2021 when average rent reached $946, before moderating in 2022. This trend suggests that while fewer people are renting, those who do are facing higher costs, possibly due to a limited supply of quality rental properties in the area.
Looking at the most recent data, the average home price in zip code 27810 continued its upward trajectory, reaching $236,059 in 2023 and further increasing to $249,365 in 2024. This represents a 10.3% increase from 2022 to 2024. Interestingly, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher borrowing costs, the continued rise in home prices suggests strong demand and potentially limited housing supply in the area.
Applying predictive models to forecast the next five years, we anticipate that average home prices in zip code 27810 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $290,000 to $310,000 by 2029. For rent prices, the forecast suggests a continued upward trend, potentially reaching an average of $900 to $1,000 per month by 2029, assuming current economic conditions and housing market dynamics persist.
In summary, zip code 27810 has demonstrated a robust trend towards homeownership, with significant appreciation in property values over the past decade. The rental market, while shrinking in terms of occupancy, has seen rising costs. These trends, coupled with the area's ability to maintain growth even in the face of rising interest rates, suggest a strong and desirable housing market in Belhaven. The continued rise in both home prices and rents indicates sustained demand for housing in this North Carolina coastal community.
