Loading Content...
Zip Code 39525: Rising Home Values and Strong Ownership in Diamondhead, 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 39525, located in Diamondhead, Mississippi, has experienced significant fluctuations in population and housing trends over the past decade. This area has seen a notable shift in homeownership rates and housing prices, reflecting broader economic changes and local market dynamics.
The ownership percentage in zip code 39525 has shown a general upward trend, rising from 83% in 2015 to 89% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2012, the average home price was $132,669, which steadily increased to $243,983 by 2022, representing an impressive 84% growth over this period. The most dramatic price surge occurred between 2020 and 2022, with average home prices jumping from $182,766 to $243,983, a 33.5% increase in just two years.
Federal interest rates have played a significant role in shaping homeownership trends in this zip code. The period from 2012 to 2015 saw historically low interest rates, hovering around 0.1% to 0.14%. This likely contributed to the steady increase in homeownership during this time. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, the homeownership rate in the zip code continued to climb, suggesting strong local demand for housing despite higher borrowing costs.
Renter percentages in zip code 39525 have generally decreased as homeownership rates increased. The percentage of renters declined from 17% in 2015 to 10% in 2022. Interestingly, average rent prices have also seen a downward trend during this period. In 2013, the average rent was $1,480, which decreased to $1,196 by 2022, a 19.2% reduction. This decline in both renter percentages and average rent prices could be attributed to the increasing preference for homeownership in the area and potentially a shift in the type of rental properties available.
In 2023, the average home price in zip code 39525 reached $246,540, a slight increase from 2022. The federal interest rate also saw a significant jump to 5.02% in 2023. Moving into 2024, the average home price has further increased to $252,413, while the federal interest rate has risen to 5.33%. These figures indicate a continuing upward trend in home prices despite higher interest rates, suggesting strong demand in the local housing market.
Looking ahead, predictive models suggest that average home prices in zip code 39525 are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have been declining, may stabilize or see modest increases as the rental market adjusts to changing demand and supply dynamics.
In summary, zip code 39525 has experienced a significant shift towards homeownership, with a concurrent rise in average home prices and a decrease in both renter percentages and average rent prices. The area has shown resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. These trends suggest a strong local economy and a preference for homeownership among residents, which is likely to shape the housing landscape of this zip code in the coming years.
