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Zip Code 40013: Rising Home Values and Ownership in Bloomfield, Kentucky
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 40013, located in Bloomfield, Kentucky, has shown interesting trends in homeownership and housing prices over the past decade. This area has maintained a high rate of owner-occupied housing, with average home prices steadily increasing and average rent prices fluctuating.
The homeownership rate in zip code 40013 has remained consistently high, ranging from 84% to 91% between 2013 and 2022. This strong preference for homeownership has coincided with a steady increase in average home prices. In 2010, the average home price was $148,319, and by 2022, it had risen to $269,657, representing an impressive 81.8% increase over 12 years. The relationship between homeownership rates and average home prices appears to be positive, with both trends generally moving upward together.
Federal interest rates have played a role in homeownership trends in this area. From 2010 to 2016, interest rates remained very low, ranging from 0.09% to 0.4%. During this period, homeownership rates in zip code 40013 increased from 84% in 2013 to 88% in 2016. As interest rates began to rise in 2017, reaching 1.83% in 2018, there was a slight dip in homeownership to 86%. However, the community quickly rebounded, with homeownership rates climbing back to 89% by 2022, despite higher interest rates of 1.68% that year.
Renter percentages in zip code 40013 have generally been low, ranging from 9% to 16% between 2013 and 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $924, which decreased to $649 in 2018, before rising again to $788 in 2022. This fluctuation in rent prices doesn't seem to have a strong correlation with the percentage of renters, as the renter population has remained relatively stable despite these price changes.
In 2023 and 2024, average home prices in zip code 40013 continued to rise, reaching $278,540 in 2023 and $285,407 in 2024. This represents a 3.3% increase from 2022 to 2023 and a further 2.5% increase from 2023 to 2024. Interestingly, federal interest rates also saw significant increases during this period, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices in the area have continued to appreciate, suggesting strong demand for housing in this zip code.
Looking ahead, based on the consistent upward trend in average home prices over the past decade, it's likely that this trend will continue in the next five years, albeit potentially at a slower rate due to higher interest rates. Average home prices could reach around $320,000 to $330,000 by 2029. Rent prices, which have been more volatile, are harder to predict but may stabilize around $800 to $850 per month, assuming no major economic shifts.
In summary, zip code 40013 has demonstrated a strong preference for homeownership, with consistently high owner-occupancy rates despite fluctuations in the housing market and interest rates. Average home prices have shown steady appreciation, while rent prices have been more variable. The area's resilience in maintaining high homeownership rates, even in the face of rising interest rates and home prices, suggests a stable and desirable housing market in this Kentucky community.
