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Eastern Hills: Rising Home Values and Ownership Rates in Fort Worth's Resilient 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
Eastern Hills, a neighborhood in Fort Worth, Texas, has experienced significant changes in homeownership rates and property values over the past decade. The area has seen a notable increase in owner-occupied homes, rising from 66% in 2013 to 84% in 2022. Concurrently, average home prices have shown a steady upward trend, while average rent prices have fluctuated over the years.
The relationship between homeownership rates and average home prices in Eastern Hills demonstrates a strong positive correlation. In 2013, when the homeownership rate was 66%, the average home price was $115,385. As homeownership increased to 80% in 2019, average home prices rose to $199,664. This trend continued, with homeownership reaching 84% in 2022 and average home prices climbing to $304,385. This substantial increase of 163.8% in average home prices over a decade suggests a growing demand for homeownership in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Eastern Hills. From 2013 to 2021, interest rates remained relatively low, ranging from 0.08% to 2.16%. This period coincided with the steady increase in homeownership rates from 66% to 90%. The low interest rates likely made mortgages more affordable, encouraging more residents to buy homes. However, as interest rates rose sharply to 1.68% in 2022 and 5.02% in 2023, we observed a slight decrease in homeownership to 84% in 2022, indicating a potential cooling effect on the housing market.
The rental market in Eastern Hills has shown interesting trends in relation to the homeownership rates. As the percentage of renters decreased from 34% in 2013 to 16% in 2022, average rent prices experienced fluctuations. In 2013, the average rent was $1,108, which increased to $1,497 in 2019 when the renter percentage was 20%. However, by 2022, despite the lower percentage of renters (16%), the average rent had slightly decreased to $1,310. This suggests that factors beyond supply and demand, such as local economic conditions or housing policies, may be influencing rent prices in the area.
Looking at the most recent data, the average home price in Eastern Hills continued to rise in 2023, reaching $307,957, and further increased to $310,098 in 2024. This represents a modest growth of 0.7% and 1.9% respectively from the 2022 average price. Interestingly, this growth occurred despite the significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a resilient housing market in Eastern Hills, potentially driven by factors such as local economic strength or limited housing supply.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Eastern Hills will continue to rise, albeit at a more moderate pace. Based on the historical data and current market conditions, we project average home prices could reach approximately $340,000 to $360,000 by 2029. For rent prices, the forecast suggests a potential stabilization or slight increase, with average rents possibly ranging from $1,400 to $1,600 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Eastern Hills has demonstrated a strong trend towards homeownership, with a significant increase in both the percentage of owner-occupied homes and average home prices over the past decade. The neighborhood has shown resilience in its housing market, maintaining growth even in the face of rising interest rates. While the rental market has experienced some fluctuations, it appears to be stabilizing. These trends suggest that Eastern Hills continues to be an attractive area for homeowners, with potential for further growth in property values in the coming years.
