Conway's Housing Market: A Decade of Fluctuation and Growth Conway, a neighborhood in Orlando, Florida, has experienced significant changes in its housing market over the past decade. Homeownership rates have fluctuated, declining from 34% in 2013 to 28% in 2017 before increasing to 37% in 2022. Concurrently, average home prices have risen dramatically from $45,704 in 2012 to $163,234 in 2022, marking a 257% increase. This substantial rise in home values may have initially deterred potential buyers, contributing to the mid-decade dip in homeownership rates.

Interest Rates and Homeownership: An Unexpected Relationship The relationship between federal interest rates and homeownership rates in Conway reveals intriguing patterns. Despite low interest rates from 2013 to 2015, around 0.1%, homeownership rates decreased from 34% to 32%. Conversely, as rates increased from 2016 onwards, reaching 1.68% in 2022, homeownership rates in Conway rose from 29% to 37%. This suggests that local market factors and rising home values may have had a more significant impact on homeownership than interest rates alone.

Rental Market Trends Renter percentages in Conway have inversely mirrored homeownership trends, peaking at 68% from 2016 to 2018 before declining to 63% in 2022. Average rent prices have increased steadily from $1,034 in 2013 to $1,131 in 2022, a 9.4% rise. This moderate increase in rent compared to the substantial growth in home prices may have contributed to the area's high renter population. The neighborhood's population fluctuated during this period, reaching a high of 6,979 in 2012 and settling at 6,423 in 2022, likely influencing the demand for rental properties.