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Zip Code 48134: Rising Home Values and Ownership Rates in Flat Rock, Michigan
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 48134, located in Flat Rock, Michigan, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a trend towards increased homeownership and rising property values, while also seeing fluctuations in the rental market.
The ownership percentage in zip code 48134 has generally increased from 2013 to 2022. In 2013, the homeownership rate was 76%, which rose to 81% by 2017. Though there were slight fluctuations, the rate remained relatively stable, ending at 78% in 2022. This trend coincided with a substantial increase in average home prices. In 2013, the average home price was $149,118, which steadily climbed to $275,816 by 2022, representing an impressive 85% increase over this period.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%, which likely contributed to the increase in homeownership from 76% to 80% during this period. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates remained relatively stable, suggesting other factors were also influencing the market.
The renter percentage in zip code 48134 has shown an inverse relationship to homeownership rates, decreasing from 23% in 2013 to 19% in 2017, before rising slightly to 22% in 2022. Interestingly, average rent prices have not consistently followed this trend. In 2013, the average rent was $852, which decreased to $765 in 2015 before rising again. By 2022, the average rent had increased to $950, representing an 11.5% increase from 2013 despite fluctuations in between. The population growth from 19,685 in 2013 to 21,916 in 2022 may have contributed to the overall increase in rent prices despite the lower percentage of renters.
In 2023 and 2024, average home prices in zip code 48134 continued to rise, reaching $280,449 in 2023 and $289,979 in 2024. This represents a modest increase of 3.4% from 2023 to 2024. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, based on historical trends and current market conditions, we can forecast the following 5-year trends for zip code 48134: Average home prices are likely to continue their upward trajectory, potentially reaching around $325,000 to $350,000 by 2029. Average rent prices may show moderate growth, possibly increasing to $1,100 to $1,200 per month by 2029.
In summary, zip code 48134 has demonstrated a strong trend towards homeownership, with steadily increasing average home prices over the past decade. Despite some fluctuations, the rental market has also seen overall growth in prices. The area's increasing population and rising property values suggest a growing demand for housing in this zip code, which is likely to continue influencing both the ownership and rental markets in the coming years.
