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Zip Code 28009: Rising Home Values and Stable Ownership in Badin, 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 28009, located in Badin, North Carolina, is a small community with a population of 166 as of 2022. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased average home values and relatively stable rental markets.
The homeownership rate in zip code 28009 has remained relatively steady, ranging from 73% to 78% between 2013 and 2022. During this period, average home prices have shown a significant upward trend. In 2016, the average home price was $55,871, which increased to $135,430 by 2022, representing a substantial 142% growth over six years. This rise in home values coincided with a period of historically low federal interest rates, which remained below 2% from 2009 to 2021, potentially contributing to increased homebuying activity and appreciation in property values.
The relationship between federal interest rates and homeownership rates in this zip code appears to follow the general trend where lower interest rates tend to encourage homeownership. For instance, as interest rates remained low from 2013 to 2020 (below 0.5%), homeownership rates in the area consistently stayed above 74%. However, it's worth noting that other local factors likely play a significant role in homeownership trends in this small community.
Renter percentages in zip code 28009 have remained relatively stable, fluctuating between 22% and 25% from 2013 to 2022. Average rent prices have shown moderate increases over this period, rising from $654 in 2013 to $729 in 2022, an increase of about 11.5%. The stability in renter percentages, despite rising home prices, suggests that the rental market in this area has remained accessible to a consistent portion of the population.
In 2023, the average home price in zip code 28009 reached $150,323, continuing the upward trend observed in previous years. This increase occurred despite a significant rise in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has further increased to $156,641, while federal interest rates have risen slightly to 5.33%. These figures indicate continued growth in the local housing market, even in the face of higher borrowing costs.
Looking ahead, based on the observed trends, we can forecast potential scenarios for the next five years. If the current trajectory continues, average home prices in zip code 28009 could potentially reach around $200,000 by 2029. However, this growth rate may moderate due to the higher interest rate environment. Average rent prices might continue their gradual increase, potentially reaching about $800-$850 per month by 2029, assuming similar growth patterns persist.
In summary, zip code 28009 has demonstrated a robust housing market with steadily increasing average home values and stable homeownership rates. The area has maintained a consistent balance between owners and renters, with gradual increases in both home prices and rents. The continuation of price appreciation, even in a higher interest rate environment, suggests underlying strength in the local real estate market. As we move forward, the interplay between interest rates, local economic factors, and housing demand will likely shape the future trends in this small North Carolina community.
