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Zip Code 39272: Rising Home Values and Shifting Ownership Trends in Byram, Mississippi
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 39272, located in Byram, Mississippi, has experienced significant changes in homeownership rates and property values over the past decade. This area has shown resilience in its housing market, with notable fluctuations in both ownership percentages and average home prices. The homeownership rate in zip code 39272 has seen some variation between 2013 and 2022. In 2013, the ownership rate stood at 73%, which increased to 79% by 2017. However, there was a slight decline to 71% by 2022. This trend coincides with changes in average home prices. In 2013, the average home price was $113,121, which steadily increased to $193,060 by 2022, representing a substantial 70.7% growth over this period.
Federal interest rates have played a role in homeownership trends in this area. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 77-78%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates, dropping to 71% in 2022.
The rental market in zip code 39272 has also shown interesting trends. The percentage of renters increased from 22% in 2013 to 29% in 2022. This rise in renters coincided with an increase in average rent prices, which grew from $1,077 in 2013 to $1,013 in 2022. Despite a slight dip in rent prices from 2021 to 2022, the overall trend shows a correlation between increased renter percentages and higher average rent prices.
In 2023 and 2024, the housing market in zip code 39272 continued to evolve. The average home price reached $202,223 in 2023 and further increased to $204,076 in 2024, showing a steady upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership decisions in the area.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 39272 may continue to rise moderately over the next five years, potentially reaching around $230,000 by 2029. Average rent prices might also see a gradual increase, possibly reaching $1,200 per month in the same timeframe, assuming consistent economic growth and demand in the area.
In summary, zip code 39272 has demonstrated a dynamic housing market with increasing property values and a slight shift towards more renters in recent years. The interplay between federal interest rates, homeownership rates, and property values highlights the complex nature of the local real estate market. As the area continues to grow and evolve, both homeowners and renters will likely see ongoing changes in their housing options and costs.
