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Zip Code 28790: Rising Home Values and Ownership Rates in East Flat Rock, 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 28790, located in East Flat Rock, North Carolina, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend towards increased homeownership, coupled with significant growth in average home prices, while average rent prices have fluctuated.
The ownership percentage in zip code 28790 has shown a consistent upward trend from 2013 to 2022. In 2013, the homeownership rate stood at 82%, and by 2022, it had increased to 89%. This 7% increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $178,658, and by 2022, it had risen to $392,105, representing a remarkable 119.5% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of steady growth in homeownership from 82% to 90%. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, homeownership rates stabilized around 89-92%. This pattern aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The renter percentage in zip code 28790 has inversely mirrored the homeownership trend, decreasing from 18% in 2013 to 11% in 2022. Interestingly, average rent prices have not shown a consistent trend during this period. In 2013, the average rent was $1,512, and it fluctuated over the years, reaching $1,312 in 2022. This represents a 13.2% decrease in average rent over nine years, despite the overall increase in property values. The population growth from 2,981 in 2013 to 3,061 in 2022 may have influenced these rental market dynamics.
In 2023 and 2024, the average home prices in zip code 28790 continued to rise, reaching $401,275 in 2023 and $415,299 in 2024. This represents a 2.3% increase from 2022 to 2023 and a further 3.5% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in zip code 28790 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices may stabilize or show modest increases as the rental market adjusts to changing demand and supply dynamics.
In summary, zip code 28790 has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. The area has shown resilience in its housing market, with consistent growth in property values despite fluctuations in the broader economic environment. The interplay between federal interest rates, homeownership rates, and housing prices will likely continue to shape the local real estate landscape in the coming years.
