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Zip Code 37029: Rising Home Values and Ownership Rates in Burns, Tennessee
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 37029, located in Burns, Tennessee, has experienced significant changes in homeownership rates and housing prices over the past decade. This area has shown a strong preference for homeownership, with rates consistently above 85% throughout the observed period. The trends in average home prices and average rent have been dynamic, reflecting broader economic shifts and local market conditions.
The homeownership rate in zip code 37029 has remained consistently high, ranging from 87% to 93% between 2013 and 2022. This trend aligns with the substantial increase in average home prices during the same period. In 2013, the average home price was $161,230, which steadily rose to $408,956 by 2022, representing a remarkable 153.6% increase over nine years. The peak homeownership rate of 93% was observed in 2021, coinciding with an average home price of $345,680.
Federal interest rates have played a significant role in shaping homeownership trends in this zip code. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the steady homeownership rates above 87%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable at around 89%, suggesting a resilient local housing market. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with the highest homeownership rates of 92% and 93% respectively, indicating that lower financing costs may have encouraged more residents to purchase homes.
Renter percentages in zip code 37029 have been relatively low, fluctuating between 7% and 13% from 2013 to 2022. The average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $870, which increased to $1,006 by 2021, representing a 15.6% rise. Interestingly, there was a slight decrease in average rent to $886 in 2022, coinciding with a small uptick in the renter percentage from 7% to 9%. This change occurred as the population increased from 6,887 in 2021 to 7,238 in 2022, suggesting that population growth may have influenced rental market dynamics.
In 2023 and 2024, the housing market in zip code 37029 continued to evolve. The average home price in 2023 was $412,713, showing a modest increase from 2022. In 2024, the average home price further rose to $423,329, indicating ongoing appreciation in the local real estate market. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can project potential 5-year trends for average home and rent prices in zip code 37029. Average home prices are likely to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach around $475,000 to $500,000 by 2029. Average rent prices, which have shown more variability, could stabilize or see moderate increases, potentially reaching $1,100 to $1,200 per month by 2029, depending on local economic factors and housing supply.
In summary, zip code 37029 has demonstrated a strong preference for homeownership, with rates consistently above 85% despite significant increases in average home prices. The area has experienced substantial appreciation in property values, with average home prices more than doubling from 2013 to 2022. Rental markets have shown more moderate growth, with some recent fluctuations. The interplay between federal interest rates, population growth, and local market conditions will continue to shape the housing landscape in this Tennessee community.
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