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Carver Manor: Rising Home Values and Ownership Rates Amidst Rental Market Volatility
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 Manor, a Jacksonville, Florida neighborhood, has experienced significant changes in homeownership and property values over the past decade. The area has seen a general upward trend in average home prices, while ownership percentages have fluctuated. Average rent prices have remained relatively stable with minor variations.
The relationship between homeownership rates and average home prices in Carver Manor has been complex. In 2013, the homeownership rate was 81% with an average home price of $40,100. By 2016, average home prices rose to $55,843, while the ownership rate remained high at 80%. However, in 2018, despite a substantial increase in average home prices to $85,774, the ownership rate dropped to 71%. This suggests that rising home prices may have made homeownership less accessible for some residents. Interestingly, by 2022, as average home prices reached $163,283, the ownership rate rebounded to 84%, indicating a potential stabilization or improvement in the local economy.
Federal interest rates have played a role in homeownership trends in Carver Manor. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained high, between 79% and 81%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was a noticeable drop in homeownership to 71% in 2018. However, despite further increases in interest rates, homeownership rates recovered, reaching 84% in 2022 when the interest rate was 1.68%.
Renter percentages and average rent prices in Carver Manor have shown some correlation. In 2013, with 19% of residents renting, the average rent was $1,122. The percentage of renters increased to 28% in 2015, while the average rent slightly decreased to $1,121. By 2019, with 26% of residents renting, the average rent had decreased to $1,112. In 2022, as the renter percentage dropped to 16%, the average rent also decreased to $1,100. This suggests that lower demand for rentals may have contributed to slightly lower rent prices.
In 2023, the average home price in Carver Manor reached $166,313, with the federal interest rate at 5.02%. Moving into 2024, the average home price has further increased to $167,463, while the federal interest rate has risen to 5.33%. These figures indicate a continuing trend of rising home values and interest rates in the current market.
Looking ahead, predictive models suggest that average home prices in Carver Manor may continue to rise moderately over the next five years, potentially reaching around $180,000 by 2029. Average rent prices are expected to remain relatively stable, with possible slight increases to account for inflation, potentially reaching around $1,150 by 2029.
In summary, Carver Manor has experienced significant growth in average home prices over the past decade, with homeownership rates showing resilience despite fluctuations. The neighborhood has maintained relatively stable average rent prices, with recent trends suggesting a preference for homeownership. The interplay between federal interest rates, home prices, and ownership rates highlights the complex dynamics of the local real estate market.
