Carroll Park, a neighborhood in Philadelphia, Pennsylvania, has experienced significant changes in its housing market over the past decade. This urban community has seen notable shifts in homeownership rates and substantial increases in both average home prices and rent costs. From 2013 to 2022, the neighborhood witnessed a general decline in homeownership percentages, dropping from 59% to 46%, with a brief peak of 63% in 2019. Concurrently, average home prices saw remarkable growth, rising from $41,649 in 2013 to $130,656 in 2022, marking a 213% increase over nine years.

Federal interest rates have played a crucial role in shaping homeownership trends in Carroll Park. During the period of historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable at around 57-60%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline more rapidly. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.

The renter population in Carroll Park has shown an overall upward trend, increasing from 41% in 2013 to 54% in 2022. This shift corresponds with changes in average rent prices, which rose from $970 per month in 2013 to $941 in 2022, after peaking at $1,051 in 2017. Despite some fluctuations, the overall trend shows a moderate increase in average rent prices. The growing renter population, coupled with rising home prices, may have contributed to the sustained demand for rental properties in the area.