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Highland Farms: Rising Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Highland Farms, a neighborhood in San Antonio, Texas, has undergone significant demographic and housing market changes over the past decade. The area has experienced fluctuations in homeownership rates, alongside substantial increases in average home prices and rent values. These trends reflect the dynamic nature of the local real estate market and its response to broader economic factors.
From 2013 to 2022, Highland Farms witnessed a decline in homeownership rates, dropping from 63% to 52%. This shift coincided with a remarkable 129% increase in average home prices, rising from $104,992 in 2013 to $240,168 in 2022. The change in homeownership patterns appears to be influenced by federal interest rates, which remained below 0.5% from 2013 to 2016, contributing to relatively stable ownership rates during that period.
As federal interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership percentages gradually declined. Concurrently, the renter population grew from 37% in 2013 to 48% in 2022. This increase in renters was accompanied by a 42.5% rise in average rent prices, from $948 in 2013 to $1,351 in 2022. The neighborhood's population growth, from 5,226 in 2013 to 7,242 in 2022, likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, Highland Farms experienced further shifts in its housing market. The average home price in 2023 reached $243,141, showing a slight increase from the previous year. However, 2024 saw a minor decline to $237,111. This downturn may be attributed to the significant rise in federal interest rates, which reached 5.02% in 2023 and further increased to 5.33% in 2024.
Based on historical trends and current market conditions, projections for Highland Farms' housing market over the next five years suggest moderate growth. Average home prices are expected to reach approximately $270,000 by 2029, while average rent prices could increase to around $1,600 per month in the same timeframe.
In conclusion, Highland Farms has undergone significant changes in its housing landscape. The shift from homeownership to renting, coupled with substantial increases in both average home prices and rent values, reflects the neighborhood's evolving character. The recent stabilization of home prices and the impact of rising interest rates indicate a potential period of market adjustment in the coming years. These trends highlight the importance of monitoring local real estate dynamics and their relationship to broader economic factors in understanding neighborhood development.
