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Zip Code 27921: Average Home Values and Ownership Trends in Camden, 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
Camden, located in zip code 27921 in North Carolina, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural community has seen fluctuations in its population and housing market, reflecting broader economic trends and local dynamics. The homeownership rate in Camden has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 83%, which gradually decreased to 71% by 2020. However, there was a slight recovery to 77% in 2022. This trend coincides with changes in average home prices, which have shown a consistent upward trajectory. The average home price in 2013 was $212,999, and it steadily increased to $336,634 by 2022, representing a significant 58% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Camden. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable around 82-83%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a corresponding decline in homeownership rates, dropping to 77% in 2022. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
The renter population in Camden has shown an inverse relationship to homeownership rates. In 2013, the renter-occupied percentage was 17%, which increased to a peak of 29% in 2020 before settling at 23% in 2022. Average rent prices have fluctuated over this period, starting at $1,024 in 2013, peaking at $1,206 in 2015, and then stabilizing around $1,000-$1,080 in recent years. The fluctuations in rent prices don't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions and housing supply, may have influenced renting trends.
Looking at the most recent data, the average home price in Camden continued its upward trend, reaching $351,266 in 2023 and further increasing to $371,510 in 2024. This represents a 10.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Camden 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 around $1,150 to $1,200 per month by 2029, considering the historical fluctuations and recent stability in rent prices.
In summary, Camden has experienced a gradual shift from a predominantly owner-occupied community to one with a slightly higher proportion of renters over the past decade. Despite this shift, average home prices have shown robust growth, particularly in recent years. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As the community continues to evolve, these trends will likely shape the future of housing in Camden.
