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Elyria Swansea: Rising Home Values and Declining Ownership in Denver's Industrial 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
Elyria Swansea, a neighborhood in Denver, Colorado known for its industrial heritage and diverse community, has experienced significant changes in homeownership rates and housing prices over the past decade. These changes reflect broader economic trends and local developments. The homeownership rate in Elyria Swansea has shown a general decline from 52% in 2013 to 46% in 2022. This trend coincides with a substantial increase in average home prices, rising from $106,043 in 2013 to $389,632 in 2022, representing a 267% increase over nine years. The inverse relationship between homeownership rates and home prices suggests that rising property values may have made homeownership less attainable for some residents.
Federal interest rates have played a role in shaping homeownership trends in Elyria Swansea. The period from 2013 to 2016 saw relatively stable homeownership rates around 50%, coinciding with historically low interest rates ranging from 0.11% to 0.40%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates showed slight fluctuations, eventually declining to 46% by 2022 when interest rates reached 1.68%.
Renter percentages in Elyria Swansea have generally increased from 48% in 2013 to 54% in 2022, mirroring the decline in homeownership. This shift coincides with a steady rise in average rent prices, from $1,132 in 2013 to $1,239 in 2022, an increase of about 9.5% over nine years. The population has remained relatively stable during this period, suggesting that the increase in renters may be due to factors such as rising home prices and changing demographics rather than significant population growth.
In 2023 and 2024, average home prices in Elyria Swansea showed a slight decline, dropping from $389,632 in 2022 to $380,821 in 2023, before marginally increasing to $381,851 in 2024. This recent trend occurs alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Elyria Swansea may continue to experience moderate growth over the next five years, potentially reaching around $420,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,400 per month within the same timeframe. These projections assume relatively stable economic conditions and continued demand for housing in the area.
In summary, Elyria Swansea has witnessed a significant shift towards renting, driven by rapidly appreciating home values and fluctuating interest rates. The neighborhood's housing market has shown resilience and growth, with average home prices more than tripling over the past decade. As the community continues to evolve, balancing affordability with property value appreciation will likely remain a key challenge for residents and policymakers alike.
