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Eaton Heights: Rising Home Values and Resilient Ownership in Manchester's Dynamic 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
Eaton Heights, a vibrant neighborhood in Manchester, New Hampshire, has experienced significant shifts in its housing landscape over the past decade. This area has seen fluctuations in homeownership rates, coupled with notable changes in average home prices and average rent values. The neighborhood has maintained a strong tendency towards owner-occupied housing, with ownership percentages generally above 75% throughout the observed period.
The relationship between homeownership rates and average home prices in Eaton Heights reveals an interesting trend. In 2013, when the ownership rate was 75%, the average home price was $176,431. As homeownership increased to 84% in 2016, average home prices rose to $202,315. This upward trend continued, with the ownership rate reaching 83% in 2022 and average home prices soaring to $353,564. This suggests a positive correlation between homeownership rates and average home values in the neighborhood.
Federal interest rates have played a crucial role in shaping homeownership trends in Eaton Heights. During periods of low interest rates, such as 2013-2015 when rates were below 0.15%, homeownership remained consistently high at 75-78%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed resilience, even increasing to 83% in 2022. This indicates that despite rising interest rates, other factors may have contributed to maintaining high homeownership levels in the neighborhood.
Renter percentages and average rent prices in Eaton Heights have shown an inverse relationship to homeownership trends. In 2013, with 25% of residents renting, the average rent was $1,403. As the renter percentage decreased to 15% in 2016, average rent increased to $1,507. However, by 2022, with 17% of residents renting, the average rent had slightly decreased to $1,285. These fluctuations suggest that factors beyond simple supply and demand, such as local economic conditions and housing policies, may influence rental prices in the area.
The year 2023 saw a continued increase in average home prices in Eaton Heights, reaching $380,762. This upward trend persisted into 2024, with average home prices climbing to $406,990. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the sustained increase in home prices suggests strong demand and resilience in the Eaton Heights housing market.
Looking ahead, predictive models forecast a continued upward trajectory for average home prices in Eaton Heights over the next five years. Based on historical trends and current market conditions, average home prices could potentially reach the $450,000 to $500,000 range by 2029. Average rent prices are expected to show moderate growth, possibly reaching $1,400 to $1,500 per month in the same timeframe, assuming consistent economic conditions and housing policies.
In summary, Eaton Heights has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing average home prices. The neighborhood has shown resilience in maintaining strong homeownership levels even in the face of rising interest rates. While rental markets have experienced some fluctuations, they appear to be stabilizing. The continued rise in home values, despite recent interest rate hikes, underscores the desirability and strength of the Eaton Heights real estate market.
