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Zip Code 27813: Black Creek's Rising Home Values and Shifting Ownership Patterns
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
Black Creek, located in zip code 27813 in North Carolina, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, homeownership rates in Black Creek declined from 78% to 56%, a 22 percentage point decrease. This decline coincided with a substantial increase in average home prices, which rose from $74,760 in 2012 to $151,412 in 2022, representing a 102.5% increase over this period. The inverse relationship between homeownership rates and average home prices suggests that rising home values may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Black Creek. In 2012, when interest rates were at a low 0.14%, homeownership was relatively high. As interest rates began to rise, particularly from 2016 onwards, homeownership rates started to decline more rapidly. For instance, when interest rates reached 1.83% in 2018, homeownership dropped to 71%, and by 2022, with interest rates at 1.68%, homeownership further decreased to 56%.
The percentage of renters in Black Creek increased from 22% in 2013 to 44% in 2022, a 22 percentage point rise. This increase was accompanied by fluctuations in average rent prices. In 2013, the average rent was $916, which decreased to $733 in 2018 before rising again to $983 in 2022. The population of Black Creek also fluctuated during this period, growing from 107 in 2013 to 131 in 2022, which may have contributed to the increased demand for rental properties.
In 2023 and 2024, the housing market in Black Creek continued to evolve. The average home price reached $161,501 in 2023 and further increased to $164,166 in 2024, representing a 7.8% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.
Predictive models suggest that average home prices in Black Creek may continue to rise over the next five years, potentially reaching around $190,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
The most significant findings in this analysis include the inverse relationship between homeownership rates and average home prices, the impact of rising federal interest rates on homeownership, and the steady increase in the renter population. The continuous rise in average home prices, coupled with higher interest rates, may further challenge homeownership accessibility in Black Creek. Meanwhile, the growing renter population could drive further increases in average rent prices, potentially creating a more competitive rental market in the coming years.
