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Double-Digit Home Value Growth in Northwest Lima Woods: A Decade of Stability
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Northwest Lima Woods: A Decade of Rising Home Values and Stable Ownership Northwest Lima Woods, a neighborhood in Fort Wayne, Indiana, has experienced significant changes in property values and homeownership rates over the past ten years. The area has maintained a high percentage of owner-occupied homes while seeing substantial increases in average home prices. Concurrently, average rent prices have also risen, indicating the neighborhood's growing appeal.
Homeownership rates in Northwest Lima Woods have remained consistently high, despite some fluctuations. In 2013, 89% of homes were owner-occupied. This rate reached its peak at 90% in 2018 and 2020, before slightly decreasing to 83% in 2022. Despite this minor decline, the neighborhood continues to have a strong owner-occupancy profile. During this same period, average home prices have shown remarkable appreciation. The average home price in 2013 was $80,284, and by 2022, it had more than doubled to $168,886, representing a 110% increase over nine years.
Federal interest rates have influenced homeownership trends in the area. From 2013 to 2016, interest rates were historically low, ranging from 0.1% to 0.4%. During this time, homeownership rates in Northwest Lima Woods remained stable between 85% and 89%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership to 83%. This suggests that while higher interest rates may have affected affordability, the neighborhood's strong culture of homeownership has largely persisted.
The percentage of renters and average rent prices have shown an inverse relationship to homeownership trends. In 2013, only 11% of properties were renter-occupied, with an average rent of $743. By 2022, the renter percentage had increased to 17%, while the average rent had risen significantly to $1,310, a 76% increase. This trend indicates growing demand for rental properties in the area, possibly due to factors such as population growth or changing demographics.
Recent data shows that the average home price in Northwest Lima Woods has continued to rise, reaching $182,611 in 2023 and $195,915 in 2024. This represents a further 16% increase from 2022 to 2024. Notably, federal interest rates have also risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future home buying decisions in the neighborhood.
Predictive models suggest that average home prices in Northwest Lima Woods will continue to appreciate over the next five years, although potentially at a slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties in the area. The neighborhood is likely to maintain its predominantly owner-occupied character, but may see a gradual increase in the proportion of renters if home affordability becomes a challenge for some residents.
In conclusion, Northwest Lima Woods has demonstrated strong property value appreciation and sustained high homeownership rates over the past decade. The neighborhood has adapted to changes in interest rates and economic conditions while maintaining its appeal to both owners and renters. The recent sharp increases in both home prices and interest rates will be key factors in determining future housing market trends in this dynamic Fort Wayne community.
