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Hawks Pointe: Rising Home Values and Stable Ownership in a Dynamic Fullerton Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hawks Pointe, a neighborhood in Fullerton, California, has experienced significant changes in homeownership rates and housing prices over the past decade. The area has seen fluctuations in population density, peaking at 36,401 people per square mile in 2015. Generally, Hawks Pointe has maintained a higher proportion of owner-occupied homes, with ownership rates ranging from 55% to 68% between 2013 and 2022. Average home prices and rents have shown overall upward trends, albeit with some volatility.
The relationship between homeownership rates and average home prices in Hawks Pointe has been complex. In 2013, when the ownership rate was 64%, the average home price was $834,202. As average home prices steadily increased to $1,027,473 in 2018, the ownership rate decreased to 55%. However, by 2022, as average home prices reached $1,485,384, the ownership rate rebounded to 64%. This suggests that despite rising home prices, other factors have influenced homeownership rates in the neighborhood.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (0.11% to 0.40%), homeownership rates in Hawks Pointe fluctuated between 55% and 64%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates remained relatively stable around 55-60%. Interestingly, when interest rates dropped to near-zero levels in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in Hawks Pointe increased to 66% and 68%, likely due to more affordable financing options.
Renter percentages and average rent prices have shown an inverse relationship at times. In 2013, with 36% of residents renting, the average rent was $1,592. As the renter percentage increased to 45% in 2016, average rent surprisingly decreased to $1,192. However, by 2018, with the renter percentage still at 45%, average rent had increased significantly to $1,783. The population fluctuations may have influenced these trends, with the highest population of 4,897 recorded in 2015 possibly contributing to increased demand for rentals.
In 2023, the average home price in Hawks Pointe reached $1,557,591, with the federal interest rate at 5.02%. Moving into 2024, the average home price has further increased to $1,674,653, while the federal interest rate has slightly risen to 5.33%. These figures indicate a continued upward trajectory in home values despite higher interest rates, suggesting strong demand in the neighborhood.
Looking ahead, predictive models forecast a continued increase in average home prices for Hawks Pointe over the next five years. Based on the historical data and current trends, average home prices could potentially reach or exceed $2 million by 2029. Average rent prices are also expected to rise, possibly surpassing $2,000 per month within the same timeframe, assuming the neighborhood maintains its desirability and economic factors remain favorable.
In summary, Hawks Pointe has demonstrated resilience in its housing market, with homeownership rates remaining relatively stable despite significant increases in average home prices. The interplay between federal interest rates, population changes, and local market conditions has created a dynamic environment for both homeowners and renters. The recent surge in home values, even in the face of rising interest rates, suggests a strong underlying demand for housing in this Fullerton neighborhood.
