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Zip Code 28112: Rising Home Values and Shifting Ownership Patterns in Monroe, 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 28112, located in Monroe, North Carolina, has experienced significant changes in homeownership and housing prices over the past decade. From 2013 to 2022, the area witnessed a gradual decline in homeownership rates, dropping from 74% to 70%, while the percentage of renters increased from 25% to 30%. This shift coincided with a dramatic increase in average home prices, which rose from $124,943 in 2013 to $308,460 in 2022, representing a 147% increase over nine years.
Federal interest rates have played a crucial role in shaping homeownership trends in zip code 28112. Between 2013 and 2016, when interest rates remained below 0.5%, homeownership rates were relatively stable at around 73-74%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, there was a corresponding decline in homeownership rates to 70%.
The rental market in zip code 28112 has also shown interesting trends. While the average rent price fluctuated over the decade, it showed an overall slight decrease from $908 in 2013 to $884 in 2022, representing a 2.6% decline. However, it's noteworthy that rent prices peaked at $969 in 2015 before experiencing some volatility. The increase in the renter population percentage from 25% in 2013 to 30% in 2022 indicates a growing preference or necessity for rental housing in the area.
More recent data shows that the average home price in zip code 28112 continued its upward trajectory, reaching $315,811 in 2023 and further increasing to $325,751 in 2024. This represents a 5.6% 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 trends in the area.
Based on historical trends and current market conditions, projections for the next five years suggest that average home prices in zip code 28112 are likely to continue their upward trend, potentially reaching around $380,000 by 2029. However, this growth rate may moderate due to higher interest rates. Average rent prices, which have shown more volatility, might stabilize and increase moderately, potentially reaching about $1,050 by 2029.
In conclusion, zip code 28112 has experienced a shift towards a higher proportion of renters, coinciding with rapidly increasing average home prices and fluctuating rent prices. The interplay between federal interest rates, housing affordability, and demographic changes will likely continue to shape the real estate landscape in this area in the coming years.
