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Basswood Village: Soaring Home Values and Ownership Rates in Fort Worth
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
Basswood Village, a neighborhood in Fort Worth, Texas, has undergone significant changes in its housing market and demographics over the past decade. This area has experienced a notable increase in homeownership rates alongside substantial growth in average home prices, while maintaining consistent average rent prices.
The homeownership rate in Basswood Village has shown a remarkable upward trend. In 2013, 67% of residents owned their homes, but by 2022, this figure had surged to 92%. This significant rise in homeownership coincides with a substantial increase in average home prices. The average home price in 2013 was $138,409, which steadily rose to $358,608 by 2022, representing a 159% increase over this period.
An interesting pattern emerges when examining the relationship between federal interest rates and homeownership rates in Basswood Village. Despite fluctuations in interest rates, the neighborhood has maintained a strong trend towards increased homeownership. For instance, when interest rates were at 0.11% in 2013, the homeownership rate was 67%. As interest rates rose to 1.68% in 2022, the homeownership rate actually increased to 92%, contradicting the typical inverse relationship between interest rates and homeownership.
The percentage of renters in Basswood Village has decreased substantially over time, from 33% in 2013 to just 8% in 2022. Interestingly, despite this decrease in renters, the average rent price has remained constant at $1,750 from 2013 through 2022. This stability in rent prices, despite the declining renter population, could be attributed to the overall population growth in the area, which increased from 1,227 in 2013 to 4,692 in 2022.
In 2023 and 2024, a slight decline in average home prices in Basswood Village was observed. The average home price in 2023 was $347,281, decreasing to $341,410 in 2024. This trend coincides with higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in the housing market.
Based on the historical data and current trends, potential scenarios for the next five years can be projected. If the current patterns persist, average home prices in Basswood Village might be expected to stabilize or potentially see modest growth, possibly reaching around $370,000 by 2029. The average rent prices, having remained stable for an extended period, may start to see slight increases, potentially reaching $1,800 to $1,850 by 2029, especially if the population continues to grow and demand for rental properties increases.
In summary, Basswood Village has experienced a significant shift towards homeownership, with a corresponding increase in average home prices over the past decade. The neighborhood has shown resilience in maintaining high homeownership rates despite fluctuations in interest rates. The rental market has remained stable in terms of pricing, even as the proportion of renters has decreased. Recent data suggests a slight cooling in the housing market, likely influenced by rising interest rates. These trends paint a picture of a dynamic neighborhood with a strong preference for homeownership and a relatively stable rental market.
