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Zip Code 37020: Bell Buckle'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
Bell Buckle, a charming town in Tennessee with zip code 37020, has experienced significant shifts in homeownership rates and property values over the past decade. This area, covering 86.74 square miles, has seen a notable increase in both average home prices and homeownership percentages, coupled with fluctuations in average rent prices and renter occupancy rates.
The trend of homeownership in Bell Buckle has shown a remarkable upward trajectory. In 2013, the homeownership rate stood at 87%, and by 2022, it had climbed to an impressive 94%. This 7% increase coincides with a substantial rise in average home prices. In 2013, the average home price was $142,690, but by 2022, it had skyrocketed to $373,039, representing a staggering 161% increase over nine years. This strong positive correlation between rising homeownership rates and increasing home values suggests a growing demand for property ownership in the area.
The relationship between federal interest rates and homeownership rates in Bell Buckle presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, Bell Buckle's homeownership rate continued to climb even as interest rates rose from 0.08% in 2021 to 1.68% in 2022. This suggests that other factors, such as local economic conditions or the desirability of the area, may have played a more significant role in driving homeownership than interest rates alone.
Conversely, the percentage of renters in Bell Buckle has decreased substantially, from 13% in 2013 to just 6% in 2022. Despite this decline, average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,036, which increased to $1,222 by 2022, representing an 18% rise. The population growth from 5,000 in 2013 to 5,729 in 2022 may have contributed to the upward pressure on rent prices, even as the proportion of renters decreased.
Looking at the most recent data, the average home price in Bell Buckle continued its upward trajectory, reaching $380,808 in 2023 and $398,585 in 2024. This represents a 2.1% increase from 2022 to 2023 and a further 4.7% increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Bell Buckle will continue to rise, albeit at a more moderate pace. Given the consistent growth over the past decade, we project average home prices could reach approximately $450,000 to $475,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,400 to $1,500 per month in the same timeframe, assuming the current economic conditions and population growth trends persist.
In summary, Bell Buckle has experienced a significant shift towards homeownership, with a concurrent substantial increase in average home prices. The rental market, while shrinking in terms of occupancy percentage, has seen moderate growth in average rent prices. These trends, combined with the area's population growth, suggest a robust and desirable real estate market in zip code 37020, with continued growth expected in both home values and rental prices over the next five years.
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