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Zip Code 37141: Orlinda's Rising Home Values and High 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
Zip code 37141, located in Orlinda, Tennessee, has experienced significant changes in its housing market over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local demographic changes.
The homeownership rate in zip code 37141 has fluctuated over the years, showing a general decline from 2013 to 2017, followed by a recovery. In 2013, the homeownership rate was 84%, which decreased to 75% by 2017. However, by 2022, it had rebounded to 81%. During this same period, average home prices in the area showed a consistent upward trend. In 2013, the average home price was $142,462, which increased to $335,040 by 2022, representing a substantial 135% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with relatively high homeownership rates above 78%. However, as interest rates began to rise more significantly from 2017 onwards, there was a noticeable dip in homeownership rates, dropping to 75% in 2017 and 2018.
Renter percentages and average rent prices in zip code 37141 have shown interesting trends. The percentage of renters increased from 16% in 2013 to a peak of 25% in 2017 and 2018, before decreasing to 18% by 2022. Average rent prices fluctuated during this period, with notable increases and decreases. In 2013, the average rent was $953, which rose to a peak of $1,282 in 2014, then fluctuated, ending at $949 in 2022. These trends may be influenced by the area's growing population, which increased from 867 in 2013 to 1,071 in 2022.
Looking at the most recent data, the average home price in zip code 37141 reached $342,750 in 2023 and further increased to $355,978 in 2024. This continued upward trend in home prices occurs despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 37141 will continue to rise, albeit at a potentially slower rate due to the current high interest rate environment. Average rent prices may also see moderate increases as demand for rental properties could grow if high home prices and interest rates deter some potential buyers.
In summary, zip code 37141 has experienced a recovery in homeownership rates in recent years, alongside substantial increases in average home prices. The rental market has shown fluctuations in both occupancy rates and average rents. The area's growing population and the interplay between home prices, interest rates, and rental demand will likely continue to shape the local housing market in the coming years.
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