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Frankewing: Rising Home Values and Ownership Rates in a Small Tennessee 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
Frankewing, Tennessee, is a small community nestled in the heart of the Volunteer State. This charming locality has experienced significant shifts in homeownership rates and housing market dynamics over the past decade. The city has seen a notable increase in owner-occupied housing, with average home prices showing an upward trend in recent years.
The trend of homeownership in Frankewing has been steadily increasing since 2013. In 2013, the owner-occupied rate was 90%, which rose to 96% by 2022. This substantial increase in homeownership coincides with the introduction of average home price data in 2022, when the average home price was $264,005. The consistent rise in homeownership rates suggests a strong preference for property ownership in this community.
Federal interest rates have played a significant role in shaping homeownership trends in Frankewing. From 2013 to 2021, interest rates remained historically low, hovering between 0.08% and 2.16%. This period of low interest rates corresponded with the increase in homeownership from 90% to 97%. The accessibility of affordable financing options during this time likely contributed to the growing number of homeowners in the community.
As homeownership rates increased, the percentage of renters in Frankewing decreased correspondingly. In 2013, the renter-occupied rate was 10%, which declined to 4% by 2022. Interestingly, the median rent remained stable at $674 from 2019 to 2022, despite the fluctuations in the renter population. This stability in rent prices, coupled with the decreasing renter population, suggests that the rental market in Frankewing has remained relatively small but consistent.
In 2023, the average home price in Frankewing rose to $269,664, representing a 2.1% increase from the previous year. This upward trend continued into 2024, with average home prices reaching $276,555, a further 2.6% increase. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, marking a significant rise from the low rates of the previous decade. Despite these higher interest rates, the housing market in Frankewing has continued to show growth in terms of average home prices.
Looking ahead, based on the observed trends and current market conditions, it's projected that average home prices in Frankewing will continue to rise over the next five years. Assuming a conservative annual growth rate of 2.5%, average home prices could reach approximately $313,000 by 2029. Rent prices, which have remained stable in recent years, may see modest increases to keep pace with inflation and housing market growth. A potential 2% annual increase would bring the median rent to around $744 by 2029.
In summary, Frankewing has experienced a significant shift towards homeownership, with owner-occupied rates rising from 90% to 96% between 2013 and 2022. This trend has been accompanied by rising average home prices, which reached $276,555 in 2024. Despite recent increases in federal interest rates, the housing market in Frankewing has shown resilience and continued growth. The rental market, while smaller, has maintained stability in pricing. These trends suggest a strong and growing housing market in Frankewing, with a clear preference for homeownership among its residents.
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