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Zip Code 70769: Rising Home Values and High Ownership Rates in Prairieville, Louisiana
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 70769, located in Prairieville, Louisiana, has experienced significant growth and changes in its real estate landscape over the past decade. This area has maintained a consistently high rate of homeownership while seeing notable fluctuations in average home prices and rent costs.
The homeownership rate in zip code 70769 has remained remarkably stable, hovering around 90% throughout the observed period. In 2013, the homeownership rate stood at 90%, and it maintained this level through 2022, with only minor fluctuations in between. This high rate of homeownership coincides with a general upward trend in average home prices. In 2010, the average home price was $232,191, which decreased to $213,913 in 2012 before beginning a steady climb. By 2022, the average home price had risen to $289,055, representing a substantial increase of 24.5% over the 2010 figure.
The relationship between federal interest rates and homeownership rates in this zip code appears to be less pronounced than in many other areas. Despite fluctuations in interest rates, the homeownership rate remained consistently high. For instance, when interest rates were at historic lows of 0.08% in 2021, the homeownership rate was 90%, the same as in 2013 when interest rates were slightly higher at 0.11%. This suggests that other factors, such as local economic conditions or housing supply, may have a more significant impact on homeownership in this area than interest rates alone.
Renter percentages in zip code 70769 have remained relatively low, complementing the high homeownership rates. The percentage of renters varied between 10% and 12% from 2013 to 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $1,421, which increased to $1,440 in 2014. However, there was a significant drop to $1,232 in 2015, followed by fluctuations in subsequent years. By 2022, the average rent had settled at $1,278, slightly lower than the 2013 figure despite the area's population growth from 37,395 in 2013 to 47,602 in 2022.
Looking at the most recent data, the average home price in zip code 70769 continued its upward trajectory, reaching $310,087 in 2023 and further increasing to $320,816 in 2024. This represents a substantial 11% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest levels since 2007. Despite these higher interest rates, the area's housing market appears to remain robust.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 70769 will continue to rise, albeit potentially at a more moderate pace due to the current higher interest rate environment. We expect average home prices could reach approximately $350,000 to $370,000 by 2029. Average rent prices are projected to increase modestly, potentially reaching $1,350 to $1,400 by 2029, assuming continued population growth and demand for rental properties.
In summary, zip code 70769 in Prairieville, Louisiana, demonstrates a strong preference for homeownership, with consistently high rates around 90%. The area has experienced significant appreciation in average home values, particularly in recent years, despite rising interest rates. While rent prices have fluctuated, they have remained relatively stable over the long term. The continued population growth and rising home values suggest a robust and desirable real estate market in this zip code, with potential for further appreciation in both home values and rent prices in the coming years.
