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Zip Code 28650: Rising Home Values and Resilient Ownership in Maiden, 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 28650, located in Maiden, North Carolina, has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 28650 has shown a general decline followed by a recent rebound. In 2013, the area had a high homeownership rate of 84%. This rate steadily decreased to 75% by 2018, indicating a shift towards more renters in the community. However, from 2019 onwards, there has been a reversal of this trend, with homeownership increasing to 83% by 2022. This resurgence in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $117,696, which rose steadily to $254,945 by 2022, representing a substantial 116.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code shows some interesting patterns. The period of low interest rates from 2013 to 2016 (ranging from 0.11% to 0.4%) corresponded with a decline in homeownership, contrary to the general expectation. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized and then started to increase. This suggests that local factors may have been more influential than national interest rates in driving homeownership trends in this area.
Renter percentages and average rent prices in zip code 28650 have shown some correlation over the years. As the percentage of renters increased from 16% in 2013 to 25% in 2018, average rent prices also saw an overall upward trend, rising from $749 to $735 during this period. However, there were some fluctuations, with rent peaking at $784 in 2016. Interestingly, as the renter percentage began to decrease from 2019 onwards, reaching 17% in 2022, average rent prices became more volatile, ultimately rising to $824 in 2022. This suggests that despite fewer renters, demand for rental properties remained strong, possibly due to factors such as population changes or shifts in local economic conditions.
In 2023 and 2024, the housing market in zip code 28650 continued to evolve. The average home price reached $270,108 in 2023 and further increased to $282,374 in 2024, representing a 4.5% year-over-year growth. This price appreciation occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates typically make mortgages more expensive, yet the continued rise in home prices suggests strong demand in this area.
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, albeit at a potentially slower pace. Average home prices could reach around $320,000 by 2029, while average rent prices might approach $950 per month. These projections assume a continuation of current economic conditions and local market dynamics.
In summary, zip code 28650 has demonstrated resilience in its housing market, with a recent rebound in homeownership rates and consistent growth in average home prices. The area has shown some unique trends, particularly in how homeownership rates have responded to changes in interest rates. The rental market has remained robust, with average rents increasing even as the proportion of renters decreased. As the area moves forward, it appears poised for continued growth in both home values and rental prices, reflecting its attractiveness as a residential location.
