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Carver Heights: Rising Home Values and Changing Ownership Patterns in Fort Worth
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
Carver Heights, a neighborhood in Fort Worth, Texas, has experienced significant changes in homeownership and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates and rising average home prices, with some fluctuations in recent years. The neighborhood has also witnessed changes in its rental market, with varying average rent prices and renter occupancy rates.
The relationship between homeownership percentages and average home prices in Carver Heights shows an interesting pattern. In 2013, the homeownership rate was 63%, with an average home price of $47,751. As average home prices steadily increased, reaching $109,241 in 2018, the homeownership rate also rose to 72%. This trend continued until 2017 when the homeownership rate peaked at 77%, corresponding to an average home price of $89,049. However, from 2018 to 2022, despite continued increases in average home prices, the homeownership rate declined slightly, settling at 63% in 2022 with an average home price of $190,550.
Federal interest rates have played a role in homeownership trends in Carver Heights. The period from 2013 to 2017, when homeownership rates increased significantly, coincided with relatively low federal interest rates ranging from 0.11% to 1%. This environment of low interest rates likely contributed to more affordable financing options for potential homebuyers. As interest rates began to rise more sharply from 2018 onwards, reaching 1.68% in 2022, the homeownership rate in Carver Heights showed a slight decline, suggesting a potential correlation between higher interest rates and decreased affordability for homeownership.
The rental market in Carver Heights has shown its own distinct trends. In 2013, the renter-occupied percentage was 37%, with an average rent of $1,051. As the homeownership rate increased, the percentage of renters decreased to a low of 23% in 2017, with average rent peaking at $1,150. However, from 2018 to 2022, there was a gradual increase in the renter-occupied percentage, reaching 37% again in 2022. Interestingly, this increase in renter occupancy coincided with a decrease in average rent prices, which fell to $958 in 2022. This trend might be attributed to an increase in available rental units or changes in the local economy affecting rental demand.
In 2023 and 2024, Carver Heights continued to see growth in average home prices. The average home price in 2023 was $196,303, and in 2024 it further increased to $200,062. This represents a steady appreciation in home values. Notably, federal interest rates also saw significant increases during this period, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying trends in the neighborhood.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Carver Heights will continue to appreciate over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have shown some volatility in recent years, are expected to stabilize and potentially increase moderately as the rental market adjusts to changing demand and economic conditions.
In summary, Carver Heights has demonstrated a dynamic housing market over the past decade. The neighborhood has seen substantial growth in average home prices, fluctuating homeownership rates, and changes in rental occupancy and prices. The interplay between federal interest rates, home prices, and occupancy trends highlights the complex nature of the local real estate market. As Carver Heights continues to evolve, these trends will likely shape its housing landscape in the coming years.
