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Zip Code 30145: Rising Home Values and Strong Ownership in Euharlee, 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 30145, located in Euharlee, Georgia, has experienced significant shifts in homeownership rates and housing market dynamics over the past decade. This area has seen a notable increase in homeownership, coupled with fluctuating average home prices and rent costs.
The homeownership rate in zip code 30145 has shown a steady upward trend, rising from 82% in 2015 to 89% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2015, the average home price was $136,494, which then climbed to $282,279 by 2022, representing a remarkable 107% increase over seven 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 shaping homeownership trends in zip code 30145. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period of low interest rates coincided with the increase in homeownership from 82% to 86%. The accessibility of affordable financing likely contributed to more residents transitioning from renting to owning homes.
As homeownership rates increased, the percentage of renters in zip code 30145 declined from 18% in 2015 to 12% in 2022. Interestingly, despite the decreasing renter population, average rent prices showed some volatility. The average rent peaked at $940 in 2013, then gradually decreased to $764 in 2022. This downward trend in rent prices, coupled with the declining renter population, suggests a potential oversupply of rental properties in the area.
In 2023, the average home price in zip code 30145 reached $291,304, and in 2024, it further increased to $296,075. This continued upward trajectory in home prices occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. The persistence of rising home values in the face of higher interest rates indicates strong demand and potentially limited housing supply in the area.
Looking ahead, predictive models suggest that average home prices in zip code 30145 are likely to continue their upward trend over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices, however, may stabilize or see modest increases as the rental market adjusts to the smaller renter population and potential new developments.
In summary, zip code 30145 has experienced a significant shift towards homeownership, with rising home values and declining rental rates. The area has shown resilience in its housing market, maintaining growth even in the face of rising interest rates. These trends point to a robust and attractive real estate market in Euharlee, Georgia, with continued potential for growth in the coming years.
