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Zip Code 30004: Soaring Home Values and Stable Ownership in Milton, Georgia
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 30004, located in Milton, Georgia, has experienced significant growth and development over the past decade. This area has seen a consistent trend of high homeownership rates, coupled with steadily increasing average home prices and average rent values.
The homeownership rate in zip code 30004 has remained relatively stable, fluctuating between 72% and 79% from 2013 to 2022. During this period, average home prices have shown a substantial upward trend. In 2010, the average home price was $318,677, which increased to $662,933 by 2022, representing a remarkable 108% growth over 12 years. This trend suggests a strong correlation between the area's desirability and its property values.
Federal interest rates have played a role in homeownership trends. From 2010 to 2021, interest rates remained low, ranging from 0.08% to 2.16%, which likely contributed to the high homeownership rates observed in the zip code. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate remained robust at 76%, indicating the area's resilience and attractiveness to potential buyers.
Renter percentages in zip code 30004 have shown slight fluctuations, ranging from 19% to 24% between 2013 and 2022. Correspondingly, average rent prices have increased significantly. In 2013, the average rent was $1,389, which rose to $1,876 by 2022, marking a 35% increase over nine years. This upward trend in rent prices aligns with the area's population growth, which increased from 54,148 in 2013 to 67,244 in 2022, a 24% rise that likely contributed to increased housing demand and subsequently higher rent prices.
In 2023, the average home price in zip code 30004 reached $700,791, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $749,202, while interest rates slightly rose to 5.33%. Despite higher interest rates, the continued rise in home prices suggests ongoing demand and confidence in the local real estate market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 30004 will continue to rise, potentially reaching around $900,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,200 per month within the same timeframe. These projections are based on historical growth patterns and assume relatively stable economic conditions.
In summary, zip code 30004 in Milton, Georgia, demonstrates a robust real estate market characterized by high homeownership rates, steadily increasing average home prices, and rising average rent values. The area's population growth, coupled with its sustained attractiveness to homeowners, suggests a continuing trend of property value appreciation and rental price increases in the coming years.
