The Coronado Area in Lubbock, Texas, has experienced significant changes in homeownership and housing prices over the past decade. This neighborhood has shown remarkable resilience in its housing market, reflecting broader economic trends and local dynamics. From 2013 to 2022, homeownership rates in the Coronado Area demonstrated an overall upward trend, albeit with some fluctuations. The rate increased from 59% in 2013 to a peak of 69% in 2020, before slightly declining to 63% by 2022. This trend coincided with substantial increases in average home prices, which rose from $131,627 in 2013 to $210,119 in 2022, representing a 59.6% increase over nine years.

The relationship between federal interest rates and homeownership rates in the Coronado Area generally followed an inverse pattern. During periods of historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates increased from 59% to 65%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some volatility but remained relatively high. This suggests that factors beyond interest rates were influencing homeownership decisions in the neighborhood.

Renter percentages in the Coronado Area generally decreased as homeownership increased, dropping from 41% in 2013 to 37% in 2022. Interestingly, average rent prices showed an overall upward trend despite this decrease in renter percentage. The average rent rose from $1,005 in 2013 to $1,187 in 2022, after a brief dip to $872 in 2016. This 18.1% increase in average rent over the period, despite a decrease in renter percentage, could be attributed to factors such as improved property quality or increased demand for rental properties in specific market segments.