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Zip Code 28341: Rising Home Values and Ownership Rates in Bowdens, 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
Zip code 28341, located in Bowdens, North Carolina, presents an intriguing demographic landscape with notable fluctuations in homeownership rates and property values over the past decade. This area has experienced significant shifts in its population dynamics, coupled with substantial changes in average home prices and rental costs.
The homeownership rate in zip code 28341 has shown considerable variability from 2013 to 2022. In 2013, the area boasted a high homeownership rate of 73%, which gradually declined to 62% by 2018. However, this trend reversed in recent years, with homeownership rebounding to 75% in 2022. This fluctuation coincides with notable changes in average home prices. The average home price in 2013 was $74,983, which steadily increased to $126,282 by 2022, representing a substantial 68.4% growth over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained historically low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates initially declined from 73% to 69%. However, as interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates continued to fall, reaching 64% in 2019. Interestingly, despite very low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates began to climb, reaching 75% by 2022, even as interest rates increased to 1.68% that year.
Renter percentages and average rent prices in zip code 28341 have also shown notable trends. The percentage of renters increased from 23% in 2013 to a peak of 33% in 2020, before declining to 25% in 2022. Average rent prices have shown a general upward trend, rising from $472 in 2013 to $803 in 2022, a 70% increase. It's worth noting that the most significant jump in average rent occurred between 2016 and 2017, increasing from $481 to $754, a 56.8% rise in a single year.
In 2023 and 2024, the housing market in zip code 28341 continued its upward trajectory. The average home price reached $132,991 in 2023 and further increased to $139,099 in 2024, representing a 4.6% and 10.1% increase from 2022, respectively. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market resilient to higher borrowing costs.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 28341 could potentially reach around $165,000 to $175,000 by 2029. Similarly, average rent prices may increase to approximately $900 to $950 per month over the same period.
In summary, zip code 28341 has demonstrated resilience and growth in its housing market. The area has experienced a recent resurgence in homeownership rates, coupled with steady increases in average home prices. The rental market has also shown strength, with rising average rents despite fluctuations in the renter population. These trends, combined with the area's ability to maintain growth even in the face of rising interest rates, suggest a robust and dynamic housing market in this North Carolina community.
