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Doyle, Tennessee: Rising Home Values and Strong Ownership in a Small Community
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
Doyle, Tennessee, is a small community that has experienced significant fluctuations in its population and housing market over the past decade. The city has maintained a consistently high rate of homeownership, with average home prices showing a steady upward trend. Meanwhile, average rent prices have also increased, albeit at a more moderate pace.
The trend in homeownership percentages in Doyle has remained relatively stable, with a slight increase over time. In 2013, the homeownership rate was 74%, and by 2022, it had risen to 83%. This increase in homeownership coincides with a substantial rise in average home prices. In 2010, the average home price was $86,789, and by 2022, it had more than doubled to $193,098. This trend suggests that despite rising home prices, residents of Doyle have continued to prioritize homeownership, possibly due to the perceived stability and long-term investment potential of owning property.
The relationship between federal interest rates and homeownership rates in Doyle appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates increased from 74% to 80%. This correlation suggests that the low-interest environment made mortgage financing more affordable, potentially enabling more residents to purchase homes.
Renter percentages in Doyle have shown a general decline, from 26% in 2013 to 17% in 2022. Despite this decrease in the renter population, average rent prices have increased steadily. In 2013, the average rent was $558, and by 2022, it had risen to $826, representing a 48% increase over nine years. This trend might be attributed to a combination of factors, including increased property values and potentially limited rental inventory in the area.
In 2023 and 2024, Doyle's housing market continued to show growth. The average home price in 2023 was $201,089, and in 2024 it further increased to $210,234. This represents a 5% and 4.5% year-over-year increase, respectively. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Doyle has remained robust, suggesting strong local demand for homeownership.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Doyle will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. A conservative estimate would suggest an annual increase of 3-4%, which could bring the average home price to around $245,000-$255,000 by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $950-$1,000 per month by 2029, assuming a similar growth rate to recent years.
In summary, Doyle has demonstrated a strong preference for homeownership, with increasing property values and stable ownership rates despite rising home prices. The rental market, while smaller, has seen significant price increases. The city's housing market has shown resilience in the face of rising interest rates, indicating a robust local economy and continued demand for housing in the area.
