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Albright's Housing Transformation: Rising Home Values and Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Albright neighborhood in Durham, North Carolina, has undergone significant changes in homeownership rates and property values over the past decade. This community has transitioned from a predominantly renter-occupied area to one with an increasing proportion of homeowners. Both average home prices and average rent have shown substantial growth, reflecting the neighborhood's evolving dynamics.
From 2013 to 2022, Albright experienced a remarkable increase in homeownership rates, rising from 15% to 33%. This trend coincided with a dramatic surge in average home prices, which escalated from $52,915 in 2013 to $258,064 in 2022, representing a nearly 388% increase. The year 2017 marked a significant turning point, with average home prices crossing the $100,000 threshold, jumping from $80,245 in 2016 to $102,075. This upward trajectory continued steadily, with particularly strong growth observed between 2020 and 2022, where average home prices rose from $183,402 to $258,064, a 41% increase in just two years.
The relationship between federal interest rates and homeownership rates in Albright reveals an interesting pattern. Despite historically low interest rates from 2013 to 2016, ranging from 0.09% to 0.40%, homeownership rates increased modestly from 15% to 17%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates paradoxically accelerated, climbing to 33%. This suggests that factors beyond interest rates, such as local economic conditions or housing market dynamics, played a more significant role in driving homeownership in Albright.
Renter percentages in Albright have inversely mirrored the homeownership trend, declining from 84% in 2013 to 67% in 2022. Despite this decrease, average rent prices have shown a general upward trend. In 2013, the average rent was $686, which increased to $1,097 by 2022, representing a 60% rise. Notably, there were fluctuations in this period, with average rent dipping to $689 in 2015 before climbing again. The most significant jump occurred between 2020 and 2022, where average rent increased from $884 to $1,097, a 24% rise in just two years. This trend occurred despite a decline in population from 1,647 in 2014 to 1,265 in 2022, suggesting that factors such as improved neighborhood amenities or overall market conditions may have driven rent increases.
In 2023 and 2024, Albright's housing market continued its upward trajectory. Average home prices reached $266,986 in 2023 and further increased to $276,233 in 2024, representing a 3.5% and 7% growth from 2022, respectively. This growth occurred alongside a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, predictive models suggest that Albright's housing market will continue to appreciate, albeit at a more moderate pace. Over the next five years, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $320,000 by 2029. Average rent prices are expected to follow a similar trajectory, with annual increases of 2-4%, potentially reaching $1,300 by 2029.
In summary, Albright has transformed from a predominantly renter-occupied neighborhood to one with a growing homeowner presence. This shift has been accompanied by substantial increases in both average home prices and average rent, despite fluctuations in population and interest rates. The neighborhood's resilience in the face of rising interest rates and its continued growth in property values suggest a strong local housing market with potential for further appreciation in the coming years.
