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Zip Code 28479: Rising Home Values and Ownership Rates in Leland, 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 28479, located in Leland, North Carolina, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has seen a notable increase in both population and property values, reflecting the growing appeal of Leland as a residential community.
The ownership percentage in zip code 28479 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 81%, and it increased steadily to reach 87% by 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $174,854, and it rose dramatically to $344,969 by 2022, representing a 97% increase over this period. This correlation suggests that despite rising prices, more residents are choosing to invest in homeownership in this area.
The relationship between federal interest rates and homeownership rates in zip code 28479 appears to follow the general trend of lower interest rates encouraging higher homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate in the area reached its peak at 86% in 2020 and 87% in 2021. This aligns with the principle that lower interest rates make mortgages more affordable, potentially spurring increased home buying activity.
Conversely, the percentage of renters in zip code 28479 has decreased over time, from 19% in 2013 to 13% in 2022. Interestingly, despite this decrease in the renter population, average rent prices have fluctuated but generally increased. The average rent was $1,387 in 2013 and rose to $1,255 in 2022, with some variations in between, peaking at $1,510 in 2021. This trend suggests that while fewer people are renting, the demand for rental properties remains strong enough to support higher rent prices.
Looking at more recent data, the average home price in zip code 28479 continued to rise, reaching $361,754 in 2023 and $368,552 in 2024. This represents a further 6.8% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in zip code 28479, albeit potentially at a slower rate due to higher interest rates. Average home prices could potentially reach around $400,000 by 2029. For rent prices, the forecast suggests a moderate increase, potentially reaching an average of $1,400-$1,500 per month by 2029, assuming the current trends in population growth and housing demand continue.
In summary, zip code 28479 has experienced a significant increase in homeownership rates and average home prices over the past decade. The area has seen a steady decline in the percentage of renters, although average rent prices have generally increased. Recent data shows continued growth in home values, even as interest rates have risen. These trends reflect the growing attractiveness of Leland as a residential area and suggest a robust local housing market with potential for further growth in both home values and rental prices in the coming years.
