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Burns, Tennessee: Home Values Soar as Ownership Remains High
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
Burns, Tennessee, is a small city located in Dickson County with a population of 3,932 as of 2022. The city has experienced notable shifts in homeownership rates and property values over the past decade, reflecting broader economic trends and local market dynamics.
Homeownership in Burns has remained consistently high, with a slight increase from 87% in 2013 to 90% in 2022. This trend coincides with a significant rise in average home prices, which have more than doubled from $161,028 in 2010 to $417,677 in 2022. The strong preference for homeownership in Burns is evident, even as property values have appreciated substantially.
The relationship between federal interest rates and homeownership rates in Burns shows an interesting pattern. Despite fluctuations in interest rates, the city maintained a high rate of homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership increased from 89% to 90%. This suggests that local factors, such as community preferences and housing availability, may have a stronger influence on homeownership than national interest rate trends in Burns.
Renter percentages in Burns have remained relatively low, decreasing from 13% in 2013 to 10% in 2022. Average rent prices, however, have shown a general upward trend, rising from $839 in 2013 to $948 in 2021, before dropping to $834 in 2022. This drop in average rent coincided with a slight increase in population from 3,738 in 2021 to 3,932 in 2022, potentially indicating an influx of new homeowners rather than renters.
Looking at the most recent data, average home prices in Burns continued to rise, reaching $422,630 in 2023 and $434,421 in 2024. This represents a 3.6% increase from 2022 to 2023 and a further 2.8% increase from 2023 to 2024. Concurrently, federal interest rates increased to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Applying predictive models to forecast 5-year trends, average home prices in Burns are expected to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $500,000 by 2029. Average rent prices are likely to stabilize and gradually increase, potentially reaching around $1,000 per month in the next five years, assuming steady population growth and continued preference for homeownership in the community.
In summary, Burns has demonstrated a strong and growing preference for homeownership, with property values appreciating significantly over the past decade. The city's high homeownership rate has remained resilient despite fluctuations in interest rates and rising home prices. The rental market, while smaller, has shown variability in pricing, influenced by local population changes and housing market dynamics. As Burns continues to grow, it will be important to monitor how these trends evolve, particularly in light of recent interest rate increases and sustained growth in property values.
