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Zip Code 72442: Rising Home Values and Ownership Trends in Manila, Arkansas
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 72442, located in Manila, Arkansas, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area, covering 103.08 square miles, has seen fluctuations in its population and housing market dynamics, reflecting broader economic trends and local factors.
The homeownership rate in zip code 72442 has shown an overall upward trend, particularly in recent years. In 2013, the homeownership rate stood at 62%, and by 2022, it had increased to 69%. This 7 percentage point increase indicates a growing preference for homeownership in the area. Concurrently, average home prices have experienced significant growth. In 2013, the average home price was $105,125, and by 2022, it had risen to $145,685, representing a 38.6% increase over this period.
The relationship between federal interest rates and homeownership rates in this zip code reveals some interesting patterns. As interest rates remained low between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates fluctuated slightly but remained relatively stable around 60-64%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased, reaching their peak of 69% in 2022. This suggests that local factors may have played a stronger role in driving homeownership than national interest rate trends in this particular zip code.
Renter percentages and average rent prices in zip code 72442 have also shown notable trends. The percentage of renters increased from 34% in 2013 to a peak of 43% in 2017 and 2018, before declining to 31% in 2022. Average rent prices have generally trended upward, rising from $519 in 2013 to $571 in 2022, an increase of 10%. It's worth noting that the population fluctuated during this period, from 4,992 in 2013 to 5,079 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, the housing market in zip code 72442 continued to evolve. The average home price in 2023 was $139,999, showing a slight decrease from 2022. However, in 2024, the average home price rebounded significantly to $160,447, marking a 14.6% increase from the previous year. This uptick occurred despite the federal interest rate rising to 5.33% in 2024, suggesting strong local demand or other favorable market conditions.
Looking ahead, predictive models forecast continued growth in both home prices and rent in zip code 72442 over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $185,000 by 2029. Average rent prices are expected to rise at a similar rate, possibly surpassing $650 per month by 2029.
In summary, zip code 72442 has demonstrated resilience and growth in its housing market. The area has seen a notable increase in homeownership rates, substantial growth in average home prices, and steady increases in rent prices. Despite fluctuations in population and varying economic conditions, the housing market in this zip code appears to be on a positive trajectory, with both ownership and rental sectors showing signs of strength and potential for future growth.
