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Zip Code 41001: High Homeownership and Rising Home Values in Claryville, 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 41001, located in Claryville, Kentucky, has experienced significant changes in its housing market over the past decade. This area has maintained a consistently high rate of homeownership while seeing substantial growth in both population and average home prices.
The homeownership rate in zip code 41001 has remained remarkably stable, hovering around 87-88% from 2013 to 2022. This high rate of ownership coincides with a steady increase in average home prices. In 2010, the average home price was $175,077, which grew to $281,764 by 2022, representing a 61% increase over 12 years. The most dramatic rise occurred between 2020 and 2021, with average home prices jumping from $230,135 to $259,546, a 12.8% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in the area. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained high, likely due to the affordability of mortgages. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, the homeownership rate in zip code 41001 remained stable, suggesting a resilient local housing market.
Renter percentages in the area have fluctuated slightly, ranging from 12% to 14% between 2013 and 2022. Average rent prices have shown some volatility, with notable increases and decreases. In 2013, the average rent was $824, which rose to $965 by 2020, representing a 17% increase. However, there was a significant drop to $772 in 2018 before climbing back up. The population growth from 16,084 in 2010 to 18,793 in 2022 may have contributed to the overall upward pressure on rent prices.
Looking at the most recent data, the average home price in zip code 41001 reached $287,436 in 2023 and slightly increased to $288,397 in 2024. This represents a modest growth of 0.33% from 2023 to 2024. Interestingly, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home prices.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 41001 will continue to rise, albeit at a more moderate pace. Based on historical data and current economic conditions, we project average home prices could reach approximately $315,000 to $330,000 by 2029. For rent prices, the forecast suggests a potential increase to around $1,100 to $1,200 per month over the next five years, assuming steady population growth and economic stability in the area.
In summary, zip code 41001 has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. Despite fluctuations in rent prices and rising interest rates, the area has maintained its appeal to homeowners. The recent slowdown in home price appreciation and the significant increase in interest rates may signal a shift towards a more balanced market in the coming years.
