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Arlington, Arizona: Rising Home Ownership Amidst Declining Rental Market
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
Arlington, Arizona, a small community in Maricopa County, has experienced significant changes in homeownership rates and housing market dynamics over the past decade. The ownership percentage has shown an overall increasing trend, while average rent prices have fluctuated.
The homeownership rate in Arlington has seen a significant upward trend. In 2013, the percentage of owner-occupied homes was 58%. This figure remained stable until 2015 when it dipped slightly to 50%. However, from 2016 onwards, there was a consistent increase in homeownership. By 2022, the ownership rate had risen dramatically to 75%, representing a 17 percentage point increase over a nine-year period. This substantial growth in homeownership suggests a strong preference for buying rather than renting in the community.
Federal interest rates have played a role in shaping homeownership trends in Arlington. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates in Arlington remained relatively stable. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the community paradoxically experienced a significant increase in homeownership. This suggests that local factors in Arlington may have had a stronger influence on homeownership decisions than national interest rate trends during this period.
The rental market in Arlington has shown inverse trends to homeownership. In 2013, 42% of housing units were renter-occupied. This percentage peaked at 50% in 2015 but has since declined steadily. By 2022, only 25% of housing units were renter-occupied, marking a substantial 17 percentage point decrease from the 2015 peak. Average rent prices have fluctuated over this period. In 2013, the average rent was $674. It reached its highest point of $679 in 2021 and 2022, despite the declining percentage of renters. This suggests that while fewer people are renting, those who do are paying slightly higher prices.
As of 2024, the average home price in Arlington stands at $375,321, a slight increase from the 2023 average of $374,653. This represents a year-over-year growth of approximately 0.18%. The current federal interest rate is 5.33%, which is significantly higher than the rates observed in the previous decade. This elevated interest rate could potentially impact future homebuying decisions in the community.
Looking ahead, based on recent trends, we can anticipate continued growth in homeownership rates in Arlington over the next five years. Average home prices are likely to continue their upward trajectory, albeit at a moderate pace, possibly reaching around $390,000 by 2029. Average rent prices may stabilize or see modest increases, potentially reaching about $700 per month in the same timeframe, assuming the current trends persist.
In summary, Arlington has experienced a significant shift towards homeownership over the past decade, with a corresponding decrease in the rental market. Despite fluctuations in federal interest rates, local factors appear to have strongly influenced these trends. The community's housing market shows signs of stability and growth, with both home values and rent prices maintaining an upward trajectory.
