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Zip Code 31210: Rising Home Values and Shifting Ownership Trends in Macon-Bibb County, 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 31210, located in Macon-Bibb County, Georgia, has experienced notable shifts in homeownership rates and housing market trends over the past decade. This area, covering 45.09 square miles, has seen fluctuations in its population and housing dynamics, reflecting broader economic and social changes.
The homeownership rate in zip code 31210 has shown a gradual decline from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 56%, which decreased to 54% by 2022. This decline coincided with a significant increase in average home prices. The average home price in 2013 was $169,879, which rose steadily to reach $266,202 by 2022, representing a 56.7% increase over this period. This trend suggests that rising home prices may have contributed to the slight decrease in homeownership rates, potentially making it more challenging for some residents to afford home purchases.
Federal interest rates have played a role in shaping homeownership trends in zip code 31210. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained relatively stable, hovering around 55-56%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a corresponding slight decrease in homeownership rates to 54%. This aligns with the general trend where higher interest rates can make mortgages less affordable, potentially discouraging home purchases.
The rental market in zip code 31210 has shown interesting trends in relation to the homeownership shifts. The percentage of renters increased from 39% in 2013 to 46% in 2022. This rise in renter-occupied housing coincided with fluctuations in average rent prices. In 2013, the average rent was $1,000, which peaked at $1,126 in 2015 before experiencing some volatility. By 2022, the average rent had returned to $1,000, the same as in 2013, despite the increase in renter population. This suggests that the rental market has remained relatively stable in terms of pricing, even as it accommodated a larger proportion of the population.
In 2023 and 2024, the housing market in zip code 31210 continued to evolve. The average home price rose to $277,672 in 2023 and further increased to $281,601 in 2024, representing a 5.8% increase over these two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These high interest rates typically make borrowing more expensive, yet the housing market in this zip code has shown resilience with continued price appreciation.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 31210 may continue to appreciate, albeit at a slower rate due to the high interest rate environment. A conservative estimate might see average home prices reaching around $310,000 to $320,000 by 2029. Average rent prices, which have shown more stability, might see moderate increases, potentially reaching $1,100 to $1,200 per month by 2029, assuming continued population growth and demand for rental properties.
In summary, zip code 31210 has experienced a gradual shift towards a higher proportion of renters, coupled with substantial growth in average home prices. Despite rising interest rates, the housing market has shown resilience, with continued price appreciation. The rental market has remained relatively stable in pricing while accommodating a larger share of the population. These trends reflect a dynamic housing market that has adapted to changing economic conditions and demographic shifts.
