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Zip Code 30292: Rising Home Values and Stable Ownership in Williamson, 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 30292, located in Williamson, Georgia, has experienced significant changes in its housing market over the past decade. This area, spanning 64.18 square miles, has seen notable shifts in homeownership rates and substantial increases in both average home prices and rent prices. The homeownership rate in zip code 30292 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the homeownership rate was 83%, slightly decreasing to 80% by 2022. Despite this minor decline, average home prices have shown a substantial upward trend. In 2014, the average home price was $168,487, which steadily increased to $347,995 by 2022, representing a remarkable 106.5% increase over eight years. The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical inverse correlation often seen in broader markets. Despite interest rates dropping from 0.14% in 2012 to 0.08% in 2021, homeownership rates remained relatively stable, only decreasing slightly from 83% in 2013 to 80% in 2021. This suggests that other local factors may have a stronger influence on homeownership in this area than national interest rate trends.
Renter percentages in zip code 30292 have shown minimal variation, ranging from 17% to 20% between 2013 and 2022. Interestingly, average rent prices have experienced more volatility. In 2013, the average rent was $911, rising to a peak of $1,074 in 2017, before decreasing to $936 in 2022. This represents a modest 2.7% increase in average rent over the nine-year period, significantly lower than the growth rate of average home prices.
As of 2024, the average home price in zip code 30292 has reached $379,359, continuing the upward trend observed in previous years. This represents a 9% increase from the 2022 average price of $347,995. The federal interest rate for 2024 stands at 5.33%, significantly higher than the 1.68% rate in 2022, which could potentially impact future homeownership rates and home price growth in the area.
Looking ahead, based on the historical data and current trends, we can project that average home prices in zip code 30292 may continue to rise over the next five years, potentially reaching around $450,000 by 2029. This projection assumes a continuation of the strong growth trend observed since 2014. For average rent prices, a more modest increase is anticipated, potentially reaching about $1,100 by 2029, considering the historical fluctuations and the recent trend of slower growth in rental prices compared to home prices.
In summary, zip code 30292 has demonstrated a robust increase in average home prices over the past decade, with a more than doubling of values from 2014 to 2022. Homeownership rates have remained relatively stable despite these price increases and fluctuations in federal interest rates. Rent prices, while showing some volatility, have experienced much slower growth compared to home prices. These trends suggest a strong housing market in the area, with potential for continued growth in property values in the coming years.
