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Zip Code 48455: Rising Home Values and Steady Ownership in Metamora, 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 48455, located in Metamora, Michigan, offers a unique blend of rural charm and suburban convenience. This area has experienced notable shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. The homeownership rate in zip code 48455 has shown remarkable stability, with a slight upward trend in recent years. In 2013, 87% of residents owned their homes, and by 2022, this figure had increased to 90%. This high rate of homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $197,720, which steadily increased to $390,154 by 2022, representing a substantial 97% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite fluctuations in interest rates, the homeownership rate has remained consistently high. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 90%. This rate remained steady at 90% in 2022, even as interest rates rose to 1.68%, suggesting that other factors beyond interest rates are influencing homeownership decisions in this zip code.
Renter percentages in zip code 48455 have remained relatively low, fluctuating between 10% and 14% from 2013 to 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $905, which peaked at $974 in 2014 before declining to $821 in 2019. However, there was a sharp increase to $985 in 2021, followed by a slight decrease to $907 in 2022. These fluctuations in rent prices don't appear to have significantly impacted the overall low percentage of renters in the area.
Looking at the most recent data, the average home price in zip code 48455 slightly decreased from $390,154 in 2022 to $389,355 in 2023, representing a marginal 0.2% decline. However, the trend reversed in 2024, with average home prices rising to $395,704, a 1.6% increase from the previous year. This recent uptick occurs despite the federal interest rate reaching 5.33% in 2024, the highest in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate a continued gradual increase in average home prices for zip code 48455. Based on historical data and current market conditions, average home prices could potentially reach around $430,000 to $450,000 by 2029. Rent prices are expected to follow a similar upward trajectory, potentially reaching an average of $1,100 to $1,200 per month in the same timeframe.
In summary, zip code 48455 demonstrates a strong preference for homeownership, with consistently high rates despite fluctuating economic conditions. The area has seen substantial appreciation in home values over the past decade, a trend that is likely to continue, albeit at a more moderate pace. While rent prices have shown some volatility, they have not significantly impacted the low percentage of renters in the area. These trends suggest a stable and desirable housing market in Metamora, Michigan, with a continued emphasis on homeownership in the coming years.
