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Brawley's Housing Market: Resilience Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brawley, California, a vibrant city in Imperial County, is known for its agricultural heritage and diverse community. Over the past decade, Brawley has experienced notable shifts in homeownership rates and housing market dynamics. The city has maintained a relatively stable balance between owner-occupied and renter-occupied housing units, with average home prices showing a steady upward trend and average rent prices fluctuating over the years.
The homeownership rate in Brawley has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the homeownership rate stood at 55%, and by 2022, it had decreased slightly to 54%. During this period, average home prices in Brawley have shown a consistent upward trend. In 2013, the average home price was $142,752, and by 2022, it had more than doubled to $303,214, representing a significant increase of 112% over nine years. This substantial rise in home prices, coupled with the relatively stable homeownership rate, suggests that despite the increasing cost of homes, Brawley residents have managed to maintain their ability to purchase properties.
Federal interest rates have played a role in shaping homeownership trends in Brawley. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable, fluctuating between 52% and 55%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Brawley showed resilience, maintaining at 54%. This stability in homeownership rates despite rising interest rates and home prices indicates a strong desire for homeownership among Brawley residents.
The renter population in Brawley has also remained relatively stable, with the percentage of renter-occupied housing units ranging from 43% to 46% between 2013 and 2022. Average rent prices have shown some fluctuation during this period. In 2013, the average rent was $860, which increased to $951 in 2014 before declining to $817 in 2016. By 2022, the average rent had risen again to $861, representing a modest overall increase of just over 0.1% compared to 2013. This relative stability in rent prices, coupled with the consistent renter population, suggests that the rental market in Brawley has remained accessible to a significant portion of the population.
In 2023 and 2024, Brawley's housing market continued to evolve. The average home price in 2023 reached $310,562, a 2.4% increase from 2022. In 2024, the average home price further rose to $321,810, representing a 3.6% increase from the previous year. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers in Brawley, potentially affecting future homeownership rates.
Looking ahead, based on the trends observed, we can project that average home prices in Brawley will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average home prices could reach approximately $370,000 by 2029. Average rent prices, which have shown more stability, are likely to see gradual increases, potentially reaching around $950 by 2029, assuming consistent economic conditions and housing demand in the area.
In summary, Brawley's housing market has demonstrated resilience and growth over the past decade. The city has maintained a relatively stable balance between homeowners and renters, despite significant increases in average home prices. The consistent upward trend in home values, coupled with the city's ability to maintain steady homeownership rates, suggests a strong local economy and continued demand for housing in Brawley. However, the recent sharp increases in interest rates may present new challenges for the housing market in the coming years, potentially affecting both homeownership rates and housing affordability.
