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Zip Code 30137: Emerson's Housing Market Triumphs with Soaring Home Values and Ownership Rates
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 30137, located in Emerson, Georgia, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a notable shift towards increased homeownership, accompanied by substantial growth in average home prices and fluctuating average rent prices. The trend of homeownership in zip code 30137 shows a consistent increase from 2013 to 2022. In 2013, the homeownership rate was 75%, which steadily rose to 86% by 2022. This upward trend in homeownership coincides with a remarkable increase in average home prices. In 2013, the average home price was $82,706, and it rose dramatically to $250,516 by 2022, representing a 203% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices surged from $175,826 to $208,307, a 18.5% increase in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in this area. From 2013 to 2020, interest rates remained relatively low, hovering between 0.08% and 2.16%. This period of low interest rates coincided with the steady increase in homeownership rates, as more affordable financing options likely encouraged home purchases. The sharp increase in homeownership from 81% in 2020 to 86% in 2022 occurred despite a rise in interest rates from 0.38% to 1.68%, suggesting other factors such as the growing appeal of the area may have influenced this trend.
As homeownership rates increased, the percentage of renters in zip code 30137 decreased from 24% in 2013 to 14% in 2022. Interestingly, average rent prices showed more volatility compared to home prices. In 2013, the average rent was $865, which peaked at $988 in 2016 before declining to $873 in 2022. This fluctuation in rent prices, coupled with the decreasing renter population, suggests a shifting dynamic in the local rental market. The population growth from 954 in 2013 to 1,071 in 2022 may have contributed to the overall demand for housing in the area.
In 2023 and 2024, the housing market in zip code 30137 continued to evolve. The average home price reached $264,263 in 2023 and further increased to $275,319 in 2024, representing a 4.2% and 9.9% increase from 2022 and 2023, respectively. These increases occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, indicating strong demand and value appreciation in the area.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for zip code 30137. Over the next five years, average home prices could potentially reach $350,000 to $400,000, assuming a moderate annual growth rate of 5-8%. Average rent prices may stabilize or show modest increases, potentially reaching $950 to $1,050 per month, reflecting the area's growing desirability and overall housing market strength.
In summary, zip code 30137 has demonstrated a clear trend towards increased homeownership and substantially higher property values over the past decade. The area has shown resilience in the face of rising interest rates, with continued growth in home prices and a steady shift towards owner-occupied housing. These trends suggest a robust and attractive housing market in this Georgia community, with potential for further growth and development in the coming years.
