The renter population in zip code 28207 has fluctuated inversely to homeownership rates. In 2013, the renter percentage was 17%, which remained stable until 2016. From 2017 to 2019, there was an increase in renters to 22%, coinciding with rising interest rates. Average rent prices have shown some volatility, peaking at $1,578 in 2013 and reaching a low of $1,386 in 2018. By 2022, the average rent had increased to $1,592, while the renter percentage decreased to 15%. This trend suggests that as average rents increased, some renters may have transitioned to homeownership, particularly given the low interest rate environment.

In 2023, the average home price in zip code 28207 reached $1,394,860, a 2.8% increase from 2022. This growth continued into 2024, with average home prices rising to $1,474,050, marking a 5.7% increase from 2023. Notably, these price increases occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further to 5.33% in 2024. This suggests a strong demand for housing in this zip code, potentially driven by factors such as local economic growth or the area's desirability.

Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 28207. Assuming continued economic stability and sustained demand for housing in this area, average home prices could potentially reach around $1.8 million by 2029. This projection considers the consistent upward trend observed over the past decade, albeit at a possibly moderated pace due to higher interest rates. For average rent prices, we might expect a more modest increase, potentially reaching around $1,800 per month by 2029, reflecting the area's high property values and potential shifts in the rental market dynamics.

In summary, zip code 28207 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The inverse relationship between federal interest rates and homeownership has been evident, with low rates generally encouraging higher homeownership. Despite recent increases in interest rates, the area continues to see growth in average home prices, indicating strong underlying demand. The rental market has shown some fluctuations, but generally remains a smaller segment of the housing landscape in this zip code. These trends suggest that 28207 remains an attractive area for homeowners and investors, with potential for continued appreciation in property values.