Loading Content...
Camden, Tennessee: Home Values Double Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Camden, Tennessee, a small urban center with a population of approximately 9,000 residents, has experienced significant changes in its housing market over the past decade. This analysis explores the notable shifts in homeownership rates and housing costs, reflecting broader economic trends and local market dynamics.
The homeownership rate in Camden has shown a gradual decline over the years, with a recent slight recovery. In 2013, 75% of housing units were owner-occupied, but this figure decreased to 68% by 2021. Interestingly, 2022 saw a slight uptick to 70% owner-occupancy. This trend coincides with substantial changes in average home prices. In 2013, the average home price was $81,614, which steadily increased to $162,605 by 2022, representing a significant 99% increase over nine years.
The relationship between federal interest rates and homeownership rates in Camden follows expected patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1-0.4%, homeownership rates remained relatively stable at 73-75%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates declined to 70%. This trend suggests that higher interest rates may have made mortgages less affordable for some residents, potentially contributing to the shift towards renting.
The rental market in Camden has shown interesting trends as well. The percentage of renter-occupied housing units increased from 25% in 2013 to 32% in 2021, before slightly decreasing to 30% in 2022. This shift corresponds with a significant increase in average rent prices. In 2013, the average rent was $500, which rose to $794 by 2022, representing a 58.8% increase. The rise in both rental rates and the proportion of renters suggests a growing demand for rental properties in the city.
Looking at the most recent data, average home prices in Camden continued their upward trajectory, reaching $170,215 in 2023 and $177,323 in 2024. This represents a further 9.1% increase from 2022 to 2024. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability in the city.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Camden to continue rising, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a continued increase, potentially reaching an average of $900-$950 per month by 2029, assuming the current growth rate persists.
In summary, Camden has experienced a significant increase in both home values and rent prices over the past decade, with a slight shift from homeownership to renting. The recent uptick in homeownership rates, despite rising home prices and interest rates, suggests a resilient housing market. Future trends point towards continued growth in both home values and rent prices, which may have implications for housing affordability and demographic composition in the city.
_tennessee%2Fen-median-income-race-distribution-tennessee-nashville-davidson-metropolitan-government-(balance)-highland-creek.webp%3F&w=3840&q=75)
_tennessee%2Fen-population-population-density-tennessee-nashville-davidson-metropolitan-government-(balance)-haywood-hills.webp%3F&w=3840&q=75)
