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College Park, Georgia: Rising Home Values and Shifting Ownership Trends Near World's Busiest Airport
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
College Park, Georgia, located in Fulton County, is a vibrant city known for its proximity to Hartsfield-Jackson Atlanta International Airport and its rich history in aviation. The city has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices over the past decade, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, College Park's homeownership rate showed slight variations, ranging from 32% to 35%. During this period, average home prices demonstrated a significant upward trend. In 2013, the average home price was $92,900, which steadily increased to $302,371 by 2022, representing a remarkable 225% growth over nine years. This substantial rise in home values occurred despite relatively stable homeownership rates, suggesting that other factors, such as market demand and overall economic conditions, played a significant role in driving up property values.
The relationship between federal interest rates and homeownership rates in College Park shows some interesting patterns. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.40%), homeownership rates in College Park slightly decreased from 35% to 33%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates remained relatively stable around 32-34%. This suggests that factors beyond interest rates, such as local economic conditions and housing supply, may have had a more direct impact on homeownership in College Park.
Renter percentages in College Park have remained consistently high, ranging from 63% to 67% between 2013 and 2022. Average rent prices, however, have shown some fluctuation. In 2013, the average rent was $1,006, which decreased to $945 by 2016. Rent prices then began to rise again, reaching $1,036 in 2021 before dropping slightly to $957 in 2022. The high percentage of renters in College Park may be attributed to its proximity to the airport and local universities, attracting a more transient population.
In 2023, the average home price in College Park was $298,900, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $304,651, indicating a recovery in the housing market. Concurrently, federal interest rates have risen significantly, reaching 5.33% in 2024. This increase in interest rates may impact future homeownership trends and housing affordability in the city.
Looking ahead, predictive models suggest that average home prices in College Park may continue to rise moderately over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, College Park has experienced substantial growth in average home prices over the past decade, despite relatively stable homeownership rates. The city's high percentage of renters and fluctuating rent prices reflect its dynamic population and economic landscape. As interest rates continue to rise, it will be crucial to monitor how these changes impact homeownership trends and housing affordability in College Park in the coming years.
