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Zip Code 28318: Rising Home Values and Stable Ownership in Rural North Carolina
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
Autryville, located in zip code 28318 in North Carolina, presents an interesting case study in homeownership and rental market trends. This rural community has experienced significant fluctuations in its housing market over the past decade, with notable shifts in ownership rates, average home prices, and average rent prices. The homeownership rate in Autryville has remained relatively high, ranging from 78% to 84% between 2013 and 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $101,083, which increased steadily to $176,089 by 2022, representing a substantial 74% growth over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Autryville. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained stable, hovering around 80%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight increase in homeownership, reaching 84% in 2018. This counter-intuitive trend might be attributed to local economic factors or a rush to purchase homes before rates increased further.
Renter percentages in Autryville have fluctuated between 16% and 22% from 2013 to 2022. Interestingly, average rent prices have not shown a consistent correlation with these fluctuations. In 2013, the average rent was $710, which decreased to $662 by 2017 despite a slight increase in the renter population. However, by 2022, average rent had risen to $720, while the renter percentage remained stable at 17%. These trends suggest that factors beyond simple supply and demand, such as local economic conditions or housing quality improvements, may be influencing rent prices in the area.
Looking at the most recent data, average home prices in Autryville continued their upward trajectory, reaching $184,633 in 2023 and $187,485 in 2024. This represents a 4.8% increase from 2022 to 2023 and a further 1.5% rise from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Autryville will continue to rise, albeit at a more moderate pace due to the higher interest rate environment. Projections suggest average home prices could reach approximately $210,000 to $220,000 by 2029. Average rent prices are also expected to increase, potentially reaching $780 to $800 per month in the same timeframe, assuming current economic conditions and population trends persist.
In summary, Autryville has demonstrated resilience in its housing market, maintaining high homeownership rates despite significant increases in average home prices. The relationship between federal interest rates and homeownership has been complex, with local factors seemingly playing a substantial role. The rental market has shown less volatility, with rent prices increasing moderately over time. As the community moves forward, it will be crucial to monitor how the recent spike in interest rates affects both the ownership and rental markets in this rural North Carolina town.
