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Zip Code 27889: Rising Home Values and Stable Ownership in Washington, NC
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 27889, located in Washington, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, with a population of 24,102 in 2022, has seen fluctuations in both owner-occupied and renter-occupied housing, alongside significant changes in average home and rent prices.
The homeownership rate in zip code 27889 has remained relatively stable, with slight fluctuations between 63% and 66% from 2013 to 2022. However, there's been a noticeable correlation between homeownership rates and average home prices. In 2013, when the homeownership rate was 64%, the average home price was $116,199. As average home prices increased to $210,660 in 2022, the homeownership rate remained at 64%, suggesting a resilient homeownership market despite rising prices.
Federal interest rates have played a role in homeownership trends. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 65%, and average home prices reached $181,002. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages have shown a slight upward trend, increasing from 33% in 2015 to 36% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2015, the average rent was $817, rising to $870 in 2021, but then decreasing to $704 in 2022. This decrease in rent prices, coupled with a slight increase in renter percentage, could indicate increased affordability or changes in the local rental market dynamics.
Looking at more recent data, the average home price in zip code 27889 continued to rise, reaching $226,585 in 2023 and $236,287 in 2024. This represents a significant increase from previous years, indicating a strong housing market. Concurrently, federal interest rates have also increased substantially, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in average home prices, potentially reaching around $280,000 by 2029 if current trends persist. Rent prices may stabilize and gradually increase, possibly reaching an average of $800-$850 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 27889 has demonstrated resilience in homeownership rates despite rising home prices. The area has seen substantial growth in property values, particularly in recent years, while maintaining a relatively stable balance between owner-occupied and renter-occupied housing. The interplay between federal interest rates, housing prices, and occupancy rates suggests a dynamic and adapting local real estate market.
