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Zip Code 39350: Average Home Values and Ownership Trends in Pearl River, 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
Pearl River, located in zip code 39350 in Mississippi, has experienced notable shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics. The homeownership rate in Pearl River has remained relatively stable, hovering around 70-73% between 2013 and 2022. There has been a slight downward trend, with the rate decreasing from 73% in 2013 to 71% in 2022. Concurrently, average home prices have shown a significant upward trajectory. In 2012, the average home price was $98,318, and by 2022, it had increased to $145,751, representing a 48.2% rise over this period.
The relationship between federal interest rates and homeownership rates in Pearl River appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained stable at 71% in 2020 and 70% in 2021. However, as interest rates began to rise sharply in 2022 to 1.68%, the homeownership rate remained at 71%, suggesting a potential lag in the impact of interest rate changes on homeownership decisions in this area.
Renter percentages in Pearl River have shown a slight increase over the years, rising from 27% in 2013 to 29% in 2022. This trend coincides with an overall increase in average rent prices. In 2013, the average rent was $611, which increased to $666 by 2022, representing a 9% increase over this period. The population of Pearl River has decreased from 24,984 in 2013 to 23,639 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, the average home price in Pearl River decreased from $145,751 in 2022 to $137,357 in 2023, a 5.8% decline. This trend continued into 2024, with a slight further decrease to $137,124. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which likely contributed to the cooling of the housing market.
Applying predictive models to forecast 5-year trends, average home prices in Pearl River may experience moderate growth, potentially reaching around $150,000 by 2029. Average rent prices are expected to continue their upward trend, potentially increasing to approximately $725 per month over the same period.
In summary, Pearl River has experienced a gradual shift towards renting, with a slight decrease in homeownership rates over the past decade. Despite this, average home prices have shown substantial growth until 2022, followed by a recent cooling period. The rental market has seen steady increases in both occupancy and prices. These trends, coupled with recent interest rate hikes, suggest a dynamic housing market that continues to evolve in response to various economic factors.
