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Zip Code 28078: Rising Home Values and Stable Ownership in Huntersville, 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 28078, located in Huntersville, North Carolina, has experienced significant growth and development over the past decade. This area has seen a steady increase in population, rising from 47,331 in 2010 to 69,811 in 2022, reflecting its attractiveness as a residential destination. The ownership percentage has remained relatively stable, while average home prices and average rent prices have shown notable upward trends.
The homeownership rate in zip code 28078 has experienced slight fluctuations but has generally remained high, ranging from 74% to 76% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2010, the average home price was $236,291, which increased to $497,706 by 2022, representing a substantial 110.6% increase over 12 years. This trend suggests a strong correlation between the stable homeownership rates and the rising property values in the area.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2016, interest rates remained exceptionally low, ranging from 0.09% to 0.40%. During this period, homeownership rates in zip code 28078 remained high, between 75% and 76%. The low interest rates likely contributed to maintaining these high homeownership levels by making mortgages more affordable. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 74%, possibly reflecting the impact of higher borrowing costs.
Renter percentages in zip code 28078 have shown a slight increase from 24% in 2014 to 26% in 2022. This modest rise in renters coincides with an increase in average rent prices. In 2013, the average rent was $1,317, which grew to $1,479 by 2022, representing a 12.3% increase over nine years. The gradual increase in both renter percentages and average rent prices may be attributed to the area's growing population, which rose from 52,351 in 2013 to 69,811 in 2022, creating higher demand for rental properties.
In 2023, the average home price in zip code 28078 reached $513,059, with interest rates rising to 5.02%. Moving into 2024, the average home price further increased to $533,234, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in both home prices and interest rates, potentially impacting affordability and homeownership rates in the near future.
Looking ahead, predictive models suggest that average home prices in zip code 28078 may continue to rise over the next five years, potentially reaching around $600,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,700 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 28078 has demonstrated strong growth in both population and property values over the past decade. The area has maintained high homeownership rates despite rising home prices, likely supported by historically low interest rates until recent years. The slight increase in renter percentages and average rent prices reflects the growing demand for housing in this desirable location. As interest rates and home prices continue to rise, it will be crucial to monitor their impact on homeownership trends and housing affordability in the coming years.
