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Zip Code 49404: Rising Home Values and Ownership Trends in Coopersville, 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
Coopersville, located in zip code 49404 in Michigan, has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices in this area.
The homeownership rate in Coopersville has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 80%, which increased to 85% by 2020, before slightly decreasing to 81% in 2022. This overall increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price was $138,105, which more than doubled to $296,086 by 2022. This substantial increase in home values may have contributed to the growth in homeownership, as residents potentially viewed real estate as a lucrative investment.
The relationship between federal interest rates and homeownership rates in Coopersville shows an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable, fluctuating between 80% and 85%. This suggests that other local factors, such as job market conditions or housing supply, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages in Coopersville have generally decreased from 2013 to 2022, moving from 20% to 19%. Interestingly, average rent prices have shown significant fluctuations during this period. In 2013, the average rent was $727, which decreased to $696 in 2015 before rising sharply to $961 in 2019. However, by 2022, the average rent had dropped again to $764. These fluctuations in rent prices, coupled with the increasing home values, may have influenced some renters to transition to homeownership, contributing to the overall decrease in the renter population.
Looking at the most recent data, the average home price in Coopersville reached $308,148 in 2023, showing continued growth from previous years. However, in 2024, there was a slight decrease to $306,246. This minor dip coincides with a significant increase in federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. This higher interest rate environment may be contributing to a slight cooling in the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Coopersville will continue to rise, albeit at a more moderate pace. The recent slight decrease in 2024 may indicate a short-term adjustment, but the long-term trend suggests continued appreciation. Average rent prices are expected to stabilize and potentially increase slightly, following the overall trend of rising housing costs in the area.
In summary, Coopersville has experienced a notable increase in homeownership rates and average home prices over the past decade. While renter percentages have slightly decreased, rent prices have shown significant fluctuations. The recent rise in interest rates may lead to a more balanced housing market in the coming years, with moderate growth in both home prices and rent rates expected.
