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Zip Code 31220: Rising Home Values and 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 31220, located in Macon-Bibb County, Georgia, covers an area of 48.92 square miles. This suburban area has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. The overall trend shows a slight decrease in homeownership, coupled with a substantial increase in average home prices and average rent prices.
The homeownership rate in zip code 31220 has fluctuated over the years, with a general downward trend. In 2013, the homeownership rate stood at 68%, but by 2022, it had decreased to 65%. This decline coincided with a significant increase in average home prices. In 2013, the average home price was $125,974, which rose steadily to reach $220,106 by 2022, representing a 74.7% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in zip code 31220. From 2013 to 2021, interest rates remained relatively low, ranging from 0.08% to 2.16%. This period of low interest rates coincided with a slight increase in homeownership, from 63% in 2016 to 70% in 2021. However, as interest rates began to rise sharply in 2022 to 1.68%, the homeownership rate dropped back to 65%, indicating that higher borrowing costs may have deterred some potential homebuyers.
The renter population in zip code 31220 has shown an inverse relationship to homeownership rates. As homeownership decreased from 68% in 2013 to 65% in 2022, the percentage of renters increased from 32% to 35% during the same period. This shift occurred alongside a steady increase in average rent prices. In 2013, the average rent was $972, which rose to $1,070 by 2022, an increase of 10.1%. The population growth from 13,487 in 2013 to 15,982 in 2022 may have contributed to the increased demand for rental properties, pushing average rent prices upward.
Looking at the most recent data, the average home price in zip code 31220 continued its upward trajectory, reaching $234,602 in 2023 and $240,908 in 2024. This represents a 6.6% increase from 2022 to 2023 and a further 2.7% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in zip code 31220 will continue to rise, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $275,000 to $290,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month by 2029, driven by population growth and housing demand.
In summary, zip code 31220 has experienced a slight decrease in homeownership rates over the past decade, accompanied by substantial increases in both average home prices and average rent prices. The interplay between federal interest rates, population growth, and housing market dynamics has shaped these trends. As the area continues to grow, it is likely to see further increases in property values and rental costs, potentially affecting the balance between homeowners and renters in the coming years.
