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Zip Code 48819: Dansville's High Homeownership and Rising Home Values
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 48819, encompassing Dansville in Michigan, presents an intriguing case study of housing market dynamics in a small Midwestern community. This area has experienced notable fluctuations in homeownership rates and property values over the past decade, reflecting broader economic trends and local market conditions.
The homeownership rate in zip code 48819 has remained relatively high, consistently above 89% from 2013 to 2022. This strong preference for homeownership coincides with a steady increase in average home prices. In 2013, the average home price was $118,807, which rose to $238,937 by 2022, representing a substantial 101% increase over nine years. This upward trend in home values likely contributed to the area's sustained high homeownership rates, as residents may have viewed property ownership as a sound investment.
Federal interest rates appear to have influenced homeownership trends in the area. For instance, the period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates in zip code 48819 remained high, between 90% and 94%. As interest rates began to rise more significantly from 2017 onwards, there was a slight dip in homeownership, dropping to 89% by 2019. However, the overall impact seems muted, possibly due to the area's established preference for homeownership.
Renter percentages in zip code 48819 have fluctuated inversely to homeownership rates, ranging from a low of 6% in 2014 to a high of 11% in 2018 and 2019. Average rent prices have shown some volatility, peaking at $1,159 in 2017 before declining to $1,056 by 2022. Interestingly, the highest renter percentage coincided with a period of lower average rents, suggesting that affordability may have attracted more renters during this time. The area's population has remained relatively stable, hovering around 3,000 residents, which may have helped maintain a balance in the rental market.
In 2023 and 2024, average home prices in zip code 48819 continued their upward trajectory, reaching $243,510 in 2023 and $252,370 in 2024. This represents a 5.6% increase from 2022 to 2024, indicating ongoing strength in the local housing market. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher borrowing costs, home values in the area continued to appreciate, suggesting robust demand for housing in this zip code.
Looking ahead, based on historical trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in zip code 48819 could continue to rise, potentially reaching around $300,000 by 2029 if the current growth rate persists. However, this growth may moderate due to higher interest rates and potential market saturation. Average rent prices might stabilize or see modest increases, potentially reaching $1,200-$1,300 per month by 2029, assuming steady population growth and continued preference for homeownership in the area.
In summary, zip code 48819 demonstrates a strong and persistent preference for homeownership, with property values showing significant appreciation over the past decade. The area has maintained high homeownership rates despite fluctuations in federal interest rates, suggesting a deeply rooted ownership culture. While the rental market plays a smaller role, it has shown responsiveness to economic conditions. The continued rise in home values, even in the face of recent interest rate hikes, indicates a resilient and attractive housing market in this Michigan community.
