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Zip Code 39564: Ocean Springs' Rising Home Values and Stable Ownership Amid Coastal Growth
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
Ocean Springs, Mississippi, zip code 39564, is a vibrant coastal community that has experienced significant growth and changes in its housing market over the past decade. This area has maintained a relatively high homeownership rate while navigating fluctuations in average home prices and rent costs.
The homeownership rate in Ocean Springs has remained consistently high, hovering around 72-73% from 2013 to 2021. However, there was a slight decrease to 71% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2012, the average home price was $129,467, which increased to $239,891 by 2022, representing an impressive 85% growth over this period. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Ocean Springs. The period from 2012 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates remained stable at around 72-73%, likely due to the affordability of mortgages. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight dip in homeownership to 71%, indicating the impact of higher borrowing costs on potential homebuyers.
Renter percentages in Ocean Springs have remained relatively stable, ranging from 26% to 29% between 2013 and 2022. Average rent prices have shown some fluctuation but generally maintained an upward trajectory. In 2013, the average rent was $1,221, which increased to $1,238 by 2021, before slightly decreasing to $1,163 in 2022. This trend suggests that while rent prices have increased overall, they have not risen as dramatically as home prices, potentially making renting an attractive option for some residents.
Looking at the most recent data, average home prices in Ocean Springs continued to rise, reaching $246,879 in 2023 and $253,629 in 2024. This represents a 5.8% increase from 2022 to 2024. Simultaneously, federal interest rates have climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Ocean Springs will continue to rise, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are expected to follow a similar upward trajectory, potentially increasing to approximately $1,350-$1,400 per month by 2029. However, these projections may be influenced by various factors such as economic conditions, population growth, and changes in housing supply.
In summary, Ocean Springs, zip code 39564, has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. While renter percentages have remained stable, both home prices and rent costs have shown upward trends. The recent sharp increase in interest rates may present challenges for potential homebuyers, potentially impacting future homeownership rates. As the community continues to grow, balancing housing affordability with rising property values will be crucial for maintaining its diverse and thriving population.
