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Zip Code 37076: Rising Home Values and Ownership Rates in Nashville-Davidson Area
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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 37076, located in Nashville, Tennessee, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a gradual increase in homeownership, coupled with substantial growth in both average home values and average rent prices.
The homeownership rate in zip code 37076 has shown a general upward trend, increasing from 58% in 2013 to 59% in 2022. This rise in homeownership coincided with a dramatic increase in average home prices. In 2013, the average home price was $164,319, which more than doubled to $393,100 by 2022. This represents a remarkable 139% increase over nine years. The relationship between homeownership rates and average home prices appears to be complex, as the rising home values did not significantly deter homeownership in this area.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership in the zip code remained relatively stable. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership actually increased slightly from 58% to 59%. This suggests that other factors, such as local economic conditions or housing demand, may have had a stronger influence on homeownership rates in this area than interest rates alone.
Renter percentages in zip code 37076 have fluctuated over the years, with a slight overall decrease from 42% in 2013 to 41% in 2022. During this period, average rent prices increased steadily. In 2013, the average rent was $1,210, which rose to $1,343 by 2022, an increase of 11%. The population of the zip code also grew during this time, from 39,765 in 2013 to 41,323 in 2022, potentially contributing to the demand for rental properties and the increase in average rent prices.
In 2023 and 2024, average home prices in zip code 37076 continued to rise, reaching $396,893 in 2023 and $402,340 in 2024. This represents a modest increase of 1.4% from 2023 to 2024, suggesting a potential slowdown in the rapid price growth seen in previous years. Notably, federal interest rates increased significantly during this period, rising to 5.02% in 2023 and 5.33% in 2024, which may have influenced the housing market dynamics.
Looking ahead, predictive models suggest that average home prices in zip code 37076 may continue to increase over the next five years, but at a more moderate pace compared to the rapid growth seen in the past decade. Average rent prices are also expected to rise, driven by population growth and demand for housing in the area. However, the rate of increase for both home prices and rents may be tempered by factors such as higher interest rates and potential economic fluctuations.
In summary, zip code 37076 has experienced a notable increase in homeownership rates and substantial growth in both average home prices and average rent prices over the past decade. The area has shown resilience in maintaining and slightly increasing homeownership rates despite rising home prices. The coming years may see continued growth in both the housing and rental markets, albeit at a potentially slower pace than observed in recent history.
