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Dean Highland: Rising Home Values and Ownership in Waco's Evolving Neighborhood
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
Dean Highland, a neighborhood in Waco, Texas, has experienced significant changes in homeownership rates and housing prices over the past decade. The area has seen a notable increase in the percentage of owner-occupied homes, coupled with a substantial rise in average home prices. Meanwhile, average rent prices have shown fluctuations over the years.
The trend of homeownership in Dean Highland has been on an upward trajectory since 2013. In 2013, the owner-occupied rate was 54%, which steadily increased to 67% by 2022. This significant rise in homeownership corresponds with a dramatic increase in average home prices. In 2013, the average home price was $60,486, and by 2022, it had skyrocketed to $158,907, representing a 163% increase over nine years.
The relationship between federal interest rates and homeownership rates in Dean Highland shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates continued to climb. This suggests that other factors, such as local economic conditions or housing market dynamics, may have played a more significant role in driving homeownership in this neighborhood than national interest rates.
Conversely, the percentage of renters in Dean Highland has declined from 46% in 2013 to 33% in 2022. Interestingly, average rent prices have not followed a consistent trend during this period. The average rent peaked at $1,049 in 2013 and 2014, then fluctuated before declining to $818 in 2022. This decrease in average rent, coupled with a declining renter population, could indicate a shift in the local rental market dynamics or changes in the types of rental properties available.
Looking at the most recent data, the average home price in Dean Highland reached $160,131 in 2023, showing continued growth from the previous year. However, in 2024, there was a slight decrease to $159,704. This minor dip coincides with a significant increase in federal interest rates, which rose to 5.33% in 2024, potentially impacting home buying affordability.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Dean Highland may continue to rise, albeit at a slower pace than observed in recent years. This prediction is based on the historical growth pattern and the current high interest rate environment. For average rent prices, the forecast suggests a potential stabilization or modest increase, considering the recent fluctuations and the decreasing renter population.
In summary, Dean Highland has witnessed a substantial shift towards homeownership over the past decade, accompanied by a significant increase in average home prices. The neighborhood has demonstrated resilience in homeownership growth despite varying interest rate environments. The rental market, while experiencing a decline in the renter population, has shown more volatility in average rent prices. These trends suggest a changing landscape in Dean Highland's housing market, with a stronger emphasis on homeownership and potential recalibration of the rental sector.
