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Zip Code 30549: Jefferson's 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 30549, located in Jefferson, Georgia, has experienced significant demographic and real estate changes over the past decade. This area has seen a notable increase in homeownership rates, coupled with fluctuating average home prices and rent costs. The trends in this zip code reflect a growing community with evolving housing preferences.
The homeownership rate in zip code 30549 has shown a strong upward trend, particularly in recent years. In 2013, the homeownership rate was 78%, and it remained relatively stable until 2016 when it dipped slightly to 74%. However, from 2017 onwards, there was a consistent increase, reaching 85% by 2022. This substantial rise in homeownership coincides with significant changes in average home prices. In 2013, the average home price was $151,955, and it steadily increased to $384,116 by 2022, representing a 152.8% increase over this period. The most dramatic rise occurred between 2020 and 2022, with prices jumping from $263,923 to $384,116, a 45.5% increase in just two years.
Federal interest rates appear to have played a role in the homeownership trends in this zip code. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained stable at 78%. As interest rates began to rise from 2016 to 2019 (0.4% to 2.16%), there was initially a slight dip in homeownership, but it quickly recovered and continued to increase. Interestingly, the sharpest rise in homeownership occurred from 2020 to 2022, when interest rates dropped dramatically (from 2.16% in 2019 to 0.38% in 2020) before rising again to 1.68% in 2022. This period of low interest rates likely contributed to the significant increase in homeownership, as it made mortgages more affordable for potential buyers.
The rental market in zip code 30549 has shown an inverse relationship to homeownership trends. The percentage of renters decreased from 22% in 2013 to 15% in 2022. Average rent prices have fluctuated over this period, with some correlation to the renter percentage. In 2013, the average rent was $1,031, and it peaked at $1,023 in 2014 when the renter percentage was at its highest (22%). As the renter percentage decreased, rent prices generally trended downward, reaching $896 in 2022. This trend suggests that as more residents became homeowners, the demand for rentals decreased, potentially leading to lower rent prices.
Looking at the most recent data, the average home price in zip code 30549 increased to $390,887 in 2023 and further to $403,766 in 2024. This represents a moderate growth of 1.8% from 2022 to 2023 and 3.3% from 2023 to 2024, indicating a continued upward trend in home values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home price growth.
Based on the historical data and current trends, we can make the following predictions for the next five years: Average home prices are likely to continue their upward trajectory, albeit at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $450,000 to $475,000 by 2029. Rent prices, which have been decreasing, may stabilize or see a slight increase as the rental market adjusts to the smaller pool of renters. Average rent prices could potentially rise to around $950 to $1,000 per month by 2029.
In summary, zip code 30549 has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. This trend has been influenced by periods of low interest rates and a growing population. The rental market has contracted in response, with decreasing renter percentages and fluctuating rent prices. As the area continues to develop, it will be crucial to monitor how these housing trends evolve, particularly in light of rising interest rates and continued population growth.
