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ASU-College Hills: Rising Home Values and Shifting Ownership Trends Near Angelo State University
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
The ASU-College Hills neighborhood in San Angelo, Texas, has experienced significant changes in its housing market over the past decade. This area, characterized by a mix of homeowners and renters, has seen notable shifts in ownership percentages, average home prices, and average rent prices. Homeownership rates in ASU-College Hills have shown an upward trend in recent years, increasing from 46% in 2019 to 60% in 2022. This substantial rise in homeownership coincides with a steady increase in average home prices. In 2014, the average home price in the neighborhood was $125,062, which rose to $219,258 by 2022, representing a 75% increase over eight years. This trend suggests a growing preference for homeownership in the area, despite rising property values.
The relationship between federal interest rates and homeownership rates in ASU-College Hills is noteworthy. From 2014 to 2019, when interest rates were relatively low (ranging from 0.09% to 2.16%), homeownership rates remained fairly stable, fluctuating between 45% and 49%. However, as interest rates dropped to near-zero levels in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates surged to 58% and 57%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in ASU-College Hills have inversely mirrored the homeownership trends, decreasing from 54% in 2019 to 40% in 2022. Interestingly, average rent prices have shown a general upward trend despite this decrease in renter occupancy. The average rent price increased from $958 in 2013 to $1,079 in 2022, with some fluctuations in between. The peak average rent of $1,199 was observed in 2020, coinciding with a significant population increase to 9,085 residents. This suggests that even as renter percentages decreased, demand for rental properties remained strong enough to support rising rent prices.
In 2023 and 2024, the housing market in ASU-College Hills continued to evolve. The average home price reached $227,626 in 2023 and further increased to $232,556 in 2024, indicating a sustained upward trajectory in property values. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that the average home prices in ASU-College Hills are likely to continue their upward trend over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties in this college-adjacent neighborhood. However, the rate of increase may moderate as the market adjusts to changing economic conditions and housing preferences.
In summary, ASU-College Hills has experienced a significant shift towards homeownership in recent years, accompanied by substantial increases in average home prices. The neighborhood has demonstrated resilience in its rental market, maintaining strong average rent prices even as renter percentages decreased. The interplay between federal interest rates, homeownership rates, and housing prices underscores the complex dynamics shaping this vibrant San Angelo neighborhood.
