Renter percentages in zip code 28453 have shown an inverse relationship to homeownership rates, naturally. The renter population increased from 25% in 2018 to 36% in 2022. Interestingly, average rent prices did not show a consistent upward trend during this period. The average rent price peaked at $710 in 2018 and then fluctuated, settling at $648 in 2022. This suggests that despite the increase in the renter population, other factors, possibly including local economic conditions or housing supply, may have influenced rent prices.

Looking at the most recent data, average home prices in zip code 28453 continued to rise, reaching $140,391 in 2023 and $146,638 in 2024. This represents a 10% increase from 2022 to 2024. Notably, federal interest rates also increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 28453 will continue to increase, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $170,000 to $180,000 by 2029. Average rent prices are expected to show modest growth, potentially reaching around $700 to $725 per month in the same timeframe.

In summary, zip code 28453 has experienced a notable shift in its housing landscape over the past decade. The area has seen a decrease in homeownership rates coupled with a significant increase in average home prices. Renter percentages have increased, while average rent prices have remained relatively stable. The interplay between federal interest rates, home prices, and ownership rates highlights the complex dynamics influencing the local housing market. As we look to the future, continued monitoring of these trends will be crucial for understanding the evolving housing situation in this North Carolina community.