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Zip Code 89052: Average Home Values Soar 137% in Henderson, Nevada
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 89052, located in Henderson, Nevada, has experienced significant demographic and real estate changes over the past decade. This area has seen a steady increase in population and fluctuations in homeownership rates, while average home prices and average rent prices have generally trended upward.
The homeownership rate in zip code 89052 has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate was 67%, which decreased to 64% by 2022. During this same period, average home prices in the area saw a substantial increase. In 2013, the average home price was $270,409, which rose to $592,510 by 2022, representing a 119% increase over nine years. This trend suggests that while home prices have risen significantly, it has not dramatically affected the overall homeownership rate in the area.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, interest rates remained very low, ranging from 0.09% to 0.40%. During this period, homeownership rates in zip code 89052 remained relatively stable, between 64% and 67%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates showed slight fluctuations but remained within the 64-65% range. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a slight decrease in homeownership to 63% in 2020, followed by a recovery to 64% in 2021 and 2022.
Renter percentages in zip code 89052 have shown a complementary trend to homeownership rates, ranging from 33% in 2013 to 36% in 2022. Average rent prices have steadily increased during this period, rising from $1,551 in 2013 to $1,740 in 2022, an increase of 12.2%. The population of the zip code also grew significantly during this time, from 46,206 in 2013 to 54,962 in 2022, potentially contributing to the upward pressure on rent prices.
In 2023, the average home price in zip code 89052 decreased to $569,825, a 3.8% drop from 2022. This decline coincided with a substantial increase in federal interest rates to 5.02% in 2023. Moving into 2024, the average home price has shown a slight recovery to $586,339, while interest rates have further increased to 5.33%. These higher interest rates may continue to impact home buying decisions in the area.
Looking ahead, predictive models suggest that average home prices in zip code 89052 may continue to experience moderate growth over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,000 per month within the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, zip code 89052 has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The area has experienced consistent population growth, which has likely contributed to rising home values and rent prices. The interplay between federal interest rates, homeownership rates, and property values highlights the complex dynamics of the local real estate market. As the area continues to evolve, it will be crucial to monitor these trends and their impact on the community's housing landscape.
