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Zip Code 38133: Rising Home Values and Shifting Ownership in Bartlett, Tennessee
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 38133, located in Bartlett, Tennessee, has experienced significant shifts in homeownership, average home prices, and average rent prices over the past decade. This area, spanning 12.95 square miles, has seen a generally stable population with some fluctuations, reaching 21,554 residents in 2022.
The homeownership rate in zip code 38133 has shown a gradual decline from 2013 to 2022. In 2013, 74% of residents were homeowners, but by 2022, this figure had decreased to 70%. During this same period, average home prices in the area experienced substantial growth. In 2013, the average home price was $126,702, which steadily increased to $274,162 by 2022, representing a remarkable 116% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in zip code 38133. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable, ranging from 72% to 76%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates showed slight fluctuations but remained generally high. However, the sharp increase in interest rates in recent years, reaching 1.68% in 2022, coincided with a more noticeable decline in homeownership rates to 70%.
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The percentage of renters in zip code 38133 has increased from 26% in 2013 to 30% in 2022, mirroring the decline in homeownership. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,381, which decreased to $1,319 in 2016 before rising again to $1,335 in 2022. This represents a modest overall decrease of 3.3% in average rent prices from 2013 to 2022. The increasing renter population, coupled with relatively stable rent prices, suggests a growing demand for rental properties in the area.
In 2023, the average home price in zip code 38133 reached $279,933, showing continued growth from the previous year. However, in 2024, there was a slight decrease to $279,733, indicating a potential stabilization in the housing market. Notably, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in zip code 38133 may continue to rise moderately over the next five years, potentially reaching around $300,000 by 2029. However, this growth rate is expected to be slower compared to the rapid increases seen in recent years. Average rent prices are forecasted to increase gradually, potentially reaching approximately $1,500 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, zip code 38133 has experienced a gradual shift towards renting, with homeownership rates declining from 74% to 70% between 2013 and 2022. This trend has occurred alongside a substantial increase in average home prices, which more than doubled during the same period. The recent sharp rise in federal interest rates may further impact homeownership trends. While average rent prices have remained relatively stable, the increasing renter population suggests a growing demand for rental properties. The housing market in this area appears to be entering a phase of more moderate growth and potential stabilization.
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