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Zip Code 48439: Rising Home Values and Ownership Rates in Grand Blanc, 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 48439, located in Grand Blanc, Michigan, has experienced notable shifts in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, alongside fluctuations in average rent prices.
The homeownership rate in zip code 48439 has shown a gradual increase from 2013 to 2022. In 2013, the percentage of owner-occupied homes stood at 71%. This figure remained relatively stable until 2019 when it rose to 72%. A significant jump occurred in 2020, with homeownership reaching 75%. By 2022, the rate settled at 74%. Concurrently, average home prices in the area have experienced substantial growth. In 2013, the average home price was $125,204. This value steadily increased year over year, reaching $193,938 in 2019, and then surging to $263,233 by 2022, representing a remarkable 110% increase over the decade.
The relationship between federal interest rates and homeownership rates in this zip code shows an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at around 69-70%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership also increased slightly to 72%. Interestingly, the most significant jump in homeownership to 75% occurred in 2020 when interest rates dropped sharply to 0.38%, possibly due to increased affordability of mortgages.
Renter percentages in zip code 48439 have generally decreased as homeownership rates increased. In 2013, renters occupied 28% of housing units. This percentage remained stable at 29% from 2014 to 2016, before decreasing to 28% in 2017 and 2018. A further decline was observed in 2019 to 27%, and by 2020, it dropped to 25%. The renter percentage slightly increased to 26% in 2021 and 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $1,002. It peaked at $1,032 in 2018, before fluctuating and reaching $1,096 in 2022, representing a 9.4% increase from 2013 to 2022.
In 2023 and 2024, the average home prices in zip code 48439 continued their upward trajectory. The average home price in 2023 was $266,136, a slight increase from 2022. In 2024, it further rose to $275,574. This growth occurred despite the significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, we can anticipate continued growth in average home prices in zip code 48439 over the next five years. Projecting the current trajectory, average home prices could potentially reach around $300,000 by 2029. Average rent prices are also likely to continue their upward trend, potentially reaching approximately $1,200 by 2029, assuming steady economic conditions and population growth in the area.
In summary, zip code 48439 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with home prices continuing to appreciate even in the face of rising interest rates. The rental market, while showing some fluctuations, has also seen overall growth in average rents. These trends suggest a robust and desirable housing market in this Grand Blanc zip code, with potential for continued growth in both ownership and rental sectors.
