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Zip Code 28071: Gold Hill's Rising Home Values and Strong Ownership Trends
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 28071, located in Gold Hill, North Carolina, has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. This area has maintained a consistently high rate of owner-occupied housing, with a general trend towards increased homeownership in recent years.
The ownership percentage in zip code 28071 has shown a gradual increase from 80% in 2015 to 85% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2015, the average home price was $153,437, which steadily climbed to $294,871 by 2022, representing a substantial 92% increase over seven years. This correlation suggests that despite rising home prices, residents in this area have been increasingly able and willing to purchase homes.
Federal interest rates have played a role in shaping homeownership trends in zip code 28071. The period from 2015 to 2020 saw historically low interest rates, ranging from 0.13% to 0.38%. This low-interest environment likely contributed to the increase in homeownership from 80% to 84% during this time, as it made mortgage financing more accessible. However, it's worth noting that homeownership continued to rise slightly to 85% in 2022, even as interest rates increased to 1.68%, indicating other factors may also be influencing homeownership decisions in this area.
The renter population in zip code 28071 has correspondingly decreased from 20% in 2015 to 15% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2015, the average rent was $695, which increased to $768 by 2022, a 10.5% rise. This increase in rent prices, coupled with a decreasing renter population, suggests a tightening rental market, possibly due to a limited supply of rental properties in the area.
Looking at the most recent data, the average home price in zip code 28071 reached $300,128 in 2023 and further increased to $309,702 in 2024. This represents a 3.5% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the low rates seen in previous years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 28071 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $350,000 to $375,000, assuming a moderate annual growth rate of 2-4%. For rent prices, we expect a continued upward trend, potentially reaching an average of $850 to $900 per month by 2029, based on historical increases and local market conditions.
In summary, zip code 28071 has demonstrated a strong trend towards homeownership, with a consistent increase in owner-occupied housing despite rising home prices. The area has shown resilience in maintaining high homeownership rates even in the face of recent interest rate hikes. The rental market, while shrinking in terms of population, has seen steady increases in average rent prices. These trends suggest a robust and desirable housing market in Gold Hill, with a preference for homeownership among its residents.
