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Carlin, Nevada: Rising Home Values and Shifting Ownership Trends
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
Carlin, Nevada, is a small community with a population that has fluctuated over the past decade, reaching 2,374 residents in 2022. This city has experienced significant shifts in homeownership rates and housing market dynamics. From 2013 to 2022, the percentage of owner-occupied homes decreased from 75% to 58%, while average home prices and average rent prices generally trended upward.
The relationship between homeownership rates and average home prices in Carlin reveals an interesting trend. As average home prices increased from $105,343 in 2010 to $186,793 in 2022, the percentage of owner-occupied homes declined from 75% in 2013 to 58% in 2022. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents. For example, between 2013 and 2016, as average home prices rose from $115,638 to $144,421, the homeownership rate remained relatively stable at around 72%. However, from 2017 to 2022, as prices continued to climb, reaching $186,793, the homeownership rate dropped significantly to 58%.
Federal interest rates appear to have influenced homeownership rates in Carlin. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates remained relatively stable at around 72-75%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline, reaching 73% in 2019. This trend continued into 2022, with interest rates at 1.68% and homeownership dropping to 58%, suggesting that higher borrowing costs may have deterred potential buyers.
The trends in renter percentages and average rent prices show a positive correlation. As the percentage of renters increased from 25% in 2013 to 42% in 2022, average rent prices also rose from $934 to $1,181 during the same period. This trend could be attributed to increased demand for rental properties as homeownership became less attainable. The population decrease from 2,700 in 2013 to 2,374 in 2022 did not seem to negatively impact rental demand, possibly due to the shift from ownership to renting.
In 2023, average home prices in Carlin experienced a slight decrease to $176,301, down from $186,793 in 2022. However, 2024 saw a rebound with average home prices rising to $184,113. This recent uptick occurs despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, which typically discourage home buying due to increased borrowing costs.
Looking ahead, predictive models suggest that average home prices in Carlin may continue to rise moderately over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Carlin has experienced a significant shift from homeownership to renting over the past decade, coinciding with rising home prices and rent costs. The interplay between federal interest rates, housing affordability, and population changes has shaped these trends. The recent rebound in home prices, despite high interest rates, suggests a resilient local housing market. As the city moves forward, it's likely to see continued growth in both home values and rental costs, potentially further impacting the balance between owners and renters in the community.
