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Brownsburg, Indiana: Rising Home Values and Stable Ownership in a Growing Town
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
Brownsburg, a vibrant town in Indiana, has experienced significant growth and development over the past decade. Located in Hendricks County, this suburban community has seen a steady increase in population and housing market activity. The town has maintained a high rate of homeownership, with average home prices showing a consistent upward trend. Meanwhile, average rent prices have also increased, reflecting the area's growing desirability.
The homeownership rate in Brownsburg has remained relatively stable, fluctuating between 79% and 85% from 2013 to 2022. During this period, average home prices have shown a remarkable increase. In 2010, the average home price was $166,272, which rose to $325,646 by 2022, representing a 95.8% increase over 12 years. This substantial growth in home values has not significantly deterred homeownership, as the rate remained at 81% in 2022, only slightly lower than the 85% observed in 2013.
Federal interest rates have played a role in shaping homeownership trends in Brownsburg. From 2010 to 2016, interest rates remained at historically low levels, ranging from 0.09% to 0.4%. During this period, homeownership rates in Brownsburg stayed above 80%, likely influenced by the favorable borrowing conditions. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, there was a slight dip in homeownership to 79% in 2018. However, the rate rebounded to 81% in 2019 and has remained stable since, even as interest rates fluctuated.
The renter population in Brownsburg has shown a modest increase over time, rising from 13% in 2013 to 19% in 2022. This growth in renters has been accompanied by an increase in average rent prices. In 2013, the average rent was $1,145, which climbed to $1,274 by 2022, an 11.3% increase. The rise in both renter percentage and rent prices suggests a growing demand for rental properties in the area, possibly driven by the town's population growth from 33,900 in 2010 to 44,965 in 2022.
In 2023, the average home price in Brownsburg reached $335,838, with interest rates at 5.02%. Moving into 2024, the average home price further increased to $343,839, while interest rates rose slightly to 5.33%. These figures indicate a continued upward trajectory in home values, despite higher borrowing costs.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Brownsburg to continue rising over the next five years, potentially reaching around $400,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,400 per month within the same timeframe. These projections assume continued population growth and economic stability in the region.
In summary, Brownsburg has maintained a strong homeownership rate despite significant increases in average home prices. The town has also seen growth in its renter population and average rent prices, indicating a diverse and dynamic housing market. The relationship between federal interest rates and homeownership rates has been notable, with low rates generally supporting high levels of homeownership. As Brownsburg continues to grow, its housing market is likely to remain robust, with both home values and rent prices expected to rise in the coming years.
