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Zip Code 28716: Canton's Rising Home Values and Shifting Ownership Trends
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 28716, located in Canton, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of decreasing homeownership paired with rising average home prices, while rental markets have shown fluctuations in both occupancy and average rent prices.
The homeownership rate in zip code 28716 has shown a gradual decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 79%, but by 2022, it had decreased to 74%. During this same period, average home prices saw a significant increase. In 2013, the average home price was $130,320, and by 2022, it had risen to $279,644, representing a substantial 114.6% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates in zip code 28716 decreased slightly from 79% to 74%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized around 73-74%. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight increase in homeownership to 77% in 2021, potentially due to more affordable financing options.
Renter occupancy in zip code 28716 has shown an overall increase from 21% in 2013 to 26% in 2022, with some fluctuations. Average rent prices have been volatile during this period. In 2013, the average rent was $899, peaking at $975 in 2014 before declining to $730 in 2019. By 2022, the average rent had increased slightly to $788. The population of the zip code has decreased from 17,498 in 2013 to 16,732 in 2022, which may have influenced the rental market dynamics.
In 2023, the average home price in zip code 28716 reached $291,967, continuing the upward trend seen in previous years. The federal interest rate for 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $305,742, while the federal interest rate has risen slightly to 5.33%. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 28716 will continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $900 per month in the same timeframe.
In summary, zip code 28716 has experienced a decrease in homeownership rates coupled with a significant increase in average home prices over the past decade. Rental markets have shown more volatility, with fluctuating occupancy rates and average rents. The interplay between federal interest rates, housing prices, and demographic changes has shaped these trends, and the area is likely to see continued growth in both home values and rental costs in the coming years.
