Loading Content...
Zip Code 39475: Stable Ownership Amid Rising Home Values in Purvis, Mississippi
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 39475, located in Purvis, Mississippi, has shown dynamic changes in homeownership rates and housing prices over the past decade. This area has experienced notable fluctuations in its population and housing market, reflecting broader economic trends and local developments. The homeownership rate in zip code 39475 has remained relatively stable, with slight variations over the years. In 2013, the homeownership rate was 74%, and it reached its peak in 2018 at 76%. By 2022, it settled at 73%. During this period, average home prices in the area have shown a consistent upward trend. In 2012, the average home price was $140,030, and it steadily increased to $208,641 by 2022, representing a significant 49% increase over a decade. The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained stable at 74% and 72%. This stability in homeownership during low-interest periods suggests that other factors, such as local economic conditions or housing supply, may have also influenced homeownership rates in this area.
Renter percentages in zip code 39475 have fluctuated inversely with homeownership rates, as expected. The renter percentage was 26% in 2013, reached a low of 23% in 2018, and increased to 27% by 2022. Average rent prices have shown some volatility over the years. In 2013, the average rent was $877, which decreased to $783 in 2014. It then rose to $865 in 2018 before settling at $844 in 2022. These fluctuations in rent prices and renter percentages could be influenced by changes in the local job market, housing availability, and overall population growth, which increased from 12,665 in 2013 to 15,317 in 2022.
In 2023 and 2024, the housing market in zip code 39475 continued its upward trajectory. The average home price increased to $216,131 in 2023 and further rose to $226,851 in 2024, representing a 4.5% and 8.7% increase from 2022, respectively. This growth occurred despite the significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand or limited housing supply in the area.
Looking ahead, based on the historical data and current trends, we can project continued growth in both home prices and rent in zip code 39475 over the next five years. Average home prices could potentially reach around $275,000 by 2029, assuming a steady annual growth rate similar to recent years. Average rent prices might increase to approximately $950 per month, factoring in historical fluctuations and the area's population growth.
In summary, zip code 39475 has demonstrated a resilient housing market with steadily increasing home values and relatively stable homeownership rates. The area has shown the ability to maintain growth even in the face of rising interest rates, suggesting strong local economic factors. The interplay between homeownership rates, rental markets, and housing prices in this zip code reflects a complex and dynamic real estate environment that continues to evolve.
