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Zip Code 49905: Rising Home Values and Strong Ownership Trends in Atlantic Mine, 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
Atlantic Mine, located in zip code 49905 in Michigan, is a small community that has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing homeownership and fluctuating average home and rent prices, reflecting the dynamic nature of its real estate market.
The homeownership rate in Atlantic Mine has shown a significant upward trend, particularly in recent years. In 2013, the homeownership rate was 85%, and it rose to 87% by 2022, indicating a growing preference for homeownership in the area. This increase coincided with changes in average home prices. The average home price in 2013 was $132,541, and it rose to $171,787 by 2022, representing a 29.6% increase over this period. The peak of this trend was observed in 2021 when the homeownership rate reached 84% and the average home price was $154,313.
Federal interest rates have played a role in shaping homeownership trends in Atlantic Mine. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This low-interest environment likely contributed to the sustained high homeownership rates observed during this time. As interest rates began to rise in 2022 to 1.68%, the homeownership rate in Atlantic Mine actually increased to 87%, suggesting other local factors may have influenced this trend.
The rental market in Atlantic Mine has shown interesting fluctuations. The percentage of renters decreased from 22% in 2017 to 13% in 2022. Average rent prices have been volatile, with significant changes observed over short periods. For instance, the average rent peaked at $1,799 in 2017 before dropping sharply to $939 in 2018. By 2022, the average rent had further decreased to $756. These fluctuations in rent prices and the declining percentage of renters suggest a shift in the local housing market dynamics, possibly influenced by changes in population or local economic factors.
In 2023 and 2024, Atlantic Mine continued to see changes in its housing market. The average home price reached $178,999 in 2023, showing a further increase from previous years. However, in 2024, there was a slight decrease to $178,017. This coincides with a significant rise in federal interest rates, which increased to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the stabilization of home prices observed in 2024.
Looking ahead, based on the observed trends and current market conditions, we can project potential scenarios for the next five years. Average home prices in Atlantic Mine may continue to show moderate growth, potentially reaching around $190,000 to $200,000 by 2029, assuming economic conditions remain stable. Rent prices, which have shown a decreasing trend in recent years, might stabilize or see a slight increase, potentially reaching an average of $800 to $850 per month by 2029. However, these projections are subject to various factors including local economic conditions, population changes, and broader market trends.
In summary, Atlantic Mine has experienced a notable increase in homeownership rates and average home prices over the past decade, with a concurrent decrease in the percentage of renters and average rent prices. The community has shown resilience in maintaining high homeownership rates even as interest rates have risen in recent years. The interplay between federal interest rates, local market dynamics, and housing preferences will continue to shape the real estate landscape in this Michigan community in the coming years.
