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Zip Code 27910: Rising Home Values and Stable Ownership in Ahoskie, 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 27910, located in Ahoskie, North Carolina, has experienced interesting shifts in homeownership, average home prices, and average rent prices over the past decade. This area, spanning 137.02 square miles, has seen a general trend of increasing homeownership rates alongside fluctuating average home and rent prices.
The homeownership rate in zip code 27910 has shown a steady increase from 61% in 2013 to 64% in 2022. This upward trend coincides with significant changes in average home prices. In 2013, the average home price was $73,234, which decreased to $68,355 in 2015 before rebounding and experiencing substantial growth. By 2022, the average home price had risen to $104,832, representing a 43% increase from 2013. This trend suggests that despite rising home prices, more residents in the area were able to transition into homeownership.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained very low, hovering around 0.1-0.4%. This period coincided with the initial increase in homeownership rates from 61% to 63%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to increase, albeit at a slower pace, reaching 64% in 2022. This trend indicates that while low interest rates initially spurred homeownership, other factors such as local economic conditions and housing market dynamics also played a role in sustaining the trend.
Renter percentages in zip code 27910 have correspondingly decreased from 39% in 2013 to 36% in 2022. During this period, average rent prices showed an overall upward trend, rising from $705 in 2013 to $743 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $796. It's worth noting that despite the increase in average rent prices, the percentage of renters decreased, which could be attributed to the area's declining population, from 11,799 in 2013 to 10,583 in 2022.
In 2023, the average home price in zip code 27910 reached $105,111, showing a slight increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than previous years. Moving into 2024, the average home price has continued to rise, reaching $110,718, while the federal interest rate has further increased to 5.33%. These figures indicate a resilient housing market in the area, with home prices continuing to appreciate despite higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in zip code 27910 may continue to rise over the next five years, potentially reaching around $125,000 by 2029. Average rent prices are also expected to increase, potentially approaching $850 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, zip code 27910 has experienced a notable increase in homeownership rates over the past decade, accompanied by significant growth in average home prices. Despite rising average rent prices, the percentage of renters has decreased. The area's housing market has shown resilience in the face of increasing interest rates, with home prices continuing to appreciate. These trends suggest a shifting landscape in the local real estate market, with a growing preference for homeownership among residents.
