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Zip Code 30622: Rising Home Values and Stable Ownership in Athens-Clarke County, Georgia
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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 30622, located in Athens-Clarke County, Georgia, encompasses a diverse area with a mix of urban and suburban characteristics. This zip code has experienced significant changes in homeownership rates and housing prices over the past decade. The area has maintained a consistently high rate of owner-occupied housing, with average home prices showing a substantial upward trend, while average rent prices have also increased, albeit at a more moderate pace.
The homeownership rate in zip code 30622 has remained relatively stable, fluctuating between 73% and 77% from 2013 to 2022. During this period, average home prices have shown a remarkable increase. In 2013, the average home price was $201,792, which steadily rose to $423,400 by 2022, representing a 109.8% increase over nine years. This significant appreciation in home values has not led to a decrease in homeownership rates, suggesting strong local demand and potentially favorable economic conditions for homeowners in the area.
Federal interest rates have played a role in homeownership trends in zip code 30622. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.40%), the homeownership rate remained stable at around 76-77%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), the homeownership rate held steady at 77%. Even with the sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%), the homeownership rate only saw a minor fluctuation, dropping to 73% in 2020 before returning to 77% in 2021 and 2022. This resilience in homeownership rates suggests that other factors, such as local economic conditions and housing supply, may have a stronger influence on homeownership in this zip code than interest rates alone.
Renter percentages in zip code 30622 have remained relatively low, ranging from 23% to 27% between 2013 and 2022. Average rent prices have shown an overall upward trend during this period, albeit with some fluctuations. In 2013, the average rent was $1,212, which increased to $1,439 by 2017, representing an 18.7% increase. However, rent prices then experienced some volatility, dropping to $1,255 in 2020 before rising again to $1,274 in 2022. The population of the zip code has grown significantly during this time, from 8,694 in 2013 to 11,157 in 2022, a 28.3% increase. This population growth may have contributed to the upward pressure on both home prices and rents, despite the relatively stable renter percentage.
Looking at the most recent data, the average home price in zip code 30622 reached $436,864 in 2023 and further increased to $455,918 in 2024. This represents a 3.2% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, indicating a tightening monetary policy environment that could potentially impact future home buying activity.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 30622 will continue to appreciate, albeit at a potentially slower rate than the rapid growth seen in recent years. Based on historical trends and current market conditions, we project average home prices could reach approximately $550,000 to $600,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,500 to $1,600 per month over the next five years, driven by population growth and housing demand in the area.
In summary, zip code 30622 has demonstrated strong homeownership rates and significant home price appreciation over the past decade. The area has shown resilience in maintaining high ownership percentages despite rising home prices and fluctuating interest rates. The growing population and steady demand for housing in this zip code suggest a robust local real estate market with potential for continued growth in both home values and rental prices in the coming years.
