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Atoka, Tennessee: Home Values Double as Ownership Rates Remain Stable
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
Atoka, a charming town in Tennessee, has experienced notable changes in its housing market over the past decade. With a population of 12,275 in 2022 and spanning 12.13 square miles, this growing community has seen fluctuations in homeownership rates, average home prices, and average rent prices. The town has maintained a strong majority of owner-occupied homes, with ownership percentages consistently above 80% since 2013. Meanwhile, average home prices have shown a steady upward trend, particularly in recent years.
The relationship between homeownership rates and average home prices in Atoka reveals some interesting patterns. In 2013, the homeownership rate was 83%, with an average home price of $166,528. As average home prices increased to $219,181 by 2019, the homeownership rate remained relatively stable at 83%. However, a slight dip in homeownership to 82% occurred in 2016 and 2017, coinciding with average home prices reaching $185,025 and $193,328, respectively. Interestingly, the highest homeownership rate of 86% was observed in 2015, when average home prices were $178,823.
Federal interest rates have played a role in homeownership trends in Atoka. The period from 2013 to 2015 saw very low interest rates (0.11% to 0.13%), which likely contributed to the high homeownership rates during this time. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates experienced slight fluctuations but remained generally stable. This suggests that while interest rates influence homeownership, other factors such as local economic conditions and housing supply also play significant roles in Atoka's housing market.
Renter percentages and average rent prices in Atoka have shown some correlation. In 2013, with 17% of the population renting, the average rent was $1,191. As the renter percentage decreased to 14% in 2015, average rent increased to $1,221. However, when the renter percentage rose to 18% in 2016 and 2017, average rent actually decreased slightly to $1,158 and $1,161, respectively. This suggests that factors beyond supply and demand, such as local economic conditions or housing policies, may influence rent prices in Atoka.
Looking at more recent data, average home prices in Atoka have continued to rise significantly. In 2023, the average home price reached $333,359, and in 2024, it further increased to $343,504. This represents a substantial growth from the $320,676 average in 2022. Concurrently, federal interest rates have also risen dramatically, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership rates and housing affordability in Atoka.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Atoka will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $400,000 to $425,000, assuming a moderate growth rate. Average rent prices are also expected to increase, potentially reaching $1,500 to $1,600 per month by 2029, based on historical trends and accounting for inflation and housing demand.
In summary, Atoka has maintained a strong homeownership base despite rising home prices. The town has experienced steady growth in both population and housing values, with average home prices more than doubling from 2010 to 2024. While renter percentages have fluctuated, they've remained relatively low, indicating a preference for homeownership in the community. The recent spike in interest rates may present challenges for future homebuyers, potentially affecting the housing market dynamics in the coming years. Nonetheless, Atoka's consistent growth and stable housing market suggest it remains an attractive location for both homeowners and investors.
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