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Ballenger Hwy, Flint: Rising Home Values Amidst Market Fluctuations
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 Ballenger Hwy neighborhood in Flint, Michigan, has demonstrated remarkable resilience in its housing market over the past decade. This area, known for its proximity to major roads and local amenities, has experienced significant fluctuations in homeownership rates and housing prices, ultimately showing a trend of growth and increasing attractiveness to residents and investors.
Homeownership rates in Ballenger Hwy have shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 43%, which increased to 54% by 2020. This rise coincided with a substantial increase in average home prices. In 2013, the average home price was $19,959, which more than doubled to $52,014 by 2021, representing a 160% increase over eight years. This trend suggests a growing interest in homeownership within the neighborhood, possibly driven by improving local conditions and increasing property values.
The relationship between federal interest rates and homeownership rates in Ballenger Hwy aligns with typical market behaviors. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates increased from 43% to 45%. This trend continued as interest rates gradually rose, with homeownership peaking at 54% in 2020 when interest rates dropped to 0.38%. The low-interest environment likely made mortgages more accessible, encouraging home buying.
Renter percentages in Ballenger Hwy have fluctuated inversely to homeownership rates. In 2013, 52% of residents were renters, which decreased to 46% by 2020 as more people became homeowners. Average rent prices have shown an overall increasing trend, rising from $703 in 2013 to $921 in 2020, a 31% increase. However, there have been fluctuations, with rent dropping to $752 in 2021 before rising again to $810 in 2022. These changes in rent prices and renter percentages may be influenced by the neighborhood's changing population, which increased from 4,027 in 2013 to 4,754 in 2019 before decreasing to 3,676 in 2022.
In 2023 and 2024, the housing market in Ballenger Hwy continued to evolve. The average home price in 2023 was $58,442, showing a slight decrease from the 2022 peak of $60,790. However, in 2024, prices rebounded to $61,851, indicating ongoing market strength. This occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on historical trends and current market conditions, we can project future housing market developments in Ballenger Hwy. Over the next five years, average home prices are expected to continue their upward trajectory, potentially reaching around $70,000 by 2029. This projection is based on the consistent growth observed since 2013, with an average annual increase of about 12%. Rent prices are also anticipated to rise, possibly reaching an average of $900-$950 per month by 2029, following the trend of a 2-3% annual increase seen in recent years.
In summary, the Ballenger Hwy neighborhood has demonstrated resilience and growth in its housing market. The area has seen a significant increase in homeownership rates and average home prices, despite fluctuations in the broader economic environment. The inverse relationship between homeownership and renter percentages, coupled with rising property values and rent prices, suggests a neighborhood in transition, potentially becoming more attractive to long-term residents and investors alike. As the market continues to evolve, Ballenger Hwy appears poised for further growth and development in its residential real estate sector.
