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Zip Code 39507: Rising Home Values and Resilient Ownership in Gulfport's Coastal Market
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 39507, located in Gulfport, Mississippi, has experienced significant changes in its housing market over the past decade. This coastal area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The ownership percentage in zip code 39507 has remained relatively stable, with slight fluctuations between 46% and 50% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $109,167, which steadily increased to $191,986 by 2022, representing a substantial 76% growth over nine years. This rise in home values did not significantly impact homeownership rates, suggesting other factors such as local economic conditions or housing supply may have played a role in maintaining the balance between owners and renters.
Federal interest rates have had a noticeable influence on homeownership rates in the area. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates increased from 47% in 2019 to 49% in 2020, and remained stable at 48% in 2021. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 39507 have shown a slight decrease from 54% in 2015 to 50% in 2022. Interestingly, average rent prices have increased during this period, rising from $833 in 2015 to $928 in 2022, a 11.4% increase. This trend suggests that despite rising rent costs, the area has maintained its appeal to renters, possibly due to factors such as job opportunities or lifestyle preferences. The population growth from 16,859 in 2015 to 18,187 in 2022 may have contributed to the sustained demand for rental properties, even as prices increased.
In 2023 and 2024, the housing market in zip code 39507 continued its upward trajectory. The average home price reached $199,697 in 2023 and further increased to $204,621 in 2024, representing a 2.5% year-over-year growth. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some prospective homebuyers.
Looking ahead, predictive models suggest that the upward trend in both average home and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices in zip code 39507 could potentially reach around $230,000 by 2029. Average rent prices may also see a steady increase, potentially reaching approximately $1,100 per month in the same timeframe.
In summary, zip code 39507 has demonstrated resilience in its housing market, with steadily increasing home values and rent prices over the past decade. The area has maintained a relatively balanced mix of owners and renters, even as property values have risen significantly. The recent increases in interest rates have not yet dramatically impacted home prices, suggesting strong underlying demand in the local market. As the area continues to grow, both homeowners and renters are likely to see ongoing appreciation in property values and rental costs.
