Loading Content...
Zip Code 39482 in Sumrall, Mississippi: Steady Homeownership Amidst Rising Home Values
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 39482, located in Sumrall, Mississippi, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has seen a general trend of increasing homeownership and rising property values, with some fluctuations in the rental market. The homeownership rate in zip code 39482 has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 85%, and by 2022, it had risen to 89%. This 4% increase in homeownership coincided with a substantial rise in average home prices. In 2012, the average home price was $156,764, and by 2022, it had increased to $233,792, representing a 49% increase over this period. The trend suggests a strong correlation between rising home values and increased homeownership in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 85%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates still managed to maintain at 85%. Interestingly, when interest rates dropped again in 2020 (0.38%) and 2021 (0.08%), homeownership rates increased to 87% and 86% respectively, likely due to more affordable financing options.
The rental market in zip code 39482 has shown some volatility. The percentage of renters decreased from 15% in 2013 to 11% in 2022. Despite this decrease in the renter population, average rent prices have generally increased. In 2013, the average rent was $713, and by 2022, it had risen to $912, a 28% increase. However, there were fluctuations, with the average rent peaking at $1,196 in 2021 before decreasing in 2022. These trends suggest that while fewer people are renting, those who do are paying higher prices, possibly due to improved rental property quality or increased demand for the limited rental inventory.
In 2023 and 2024, the housing market in zip code 39482 continued to show strength. The average home price in 2023 was $237,212, a slight increase from 2022. In 2024, the average home price further increased to $250,155, representing a 5.5% year-over-year growth. This growth occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, suggesting a resilient local housing market.
Looking ahead, we can expect the following trends in zip code 39482 over the next five years: Average home prices are likely to continue their upward trajectory, potentially reaching around $290,000 by 2029, based on the historical growth rate. Average rent prices may stabilize or increase moderately, potentially reaching approximately $1,050 per month by 2029, assuming a continuation of recent trends.
In summary, zip code 39482 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has shown resilience in the face of fluctuating interest rates, with homeownership remaining strong even as rates have increased. The rental market, while smaller, has seen generally increasing prices, indicating a competitive environment for renters. These trends suggest a growing and economically vibrant community with a strong preference for homeownership.
