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Hillendale's Rising Home Values: A Decade of Growth in Oregon City
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
Hillendale, a neighborhood in Oregon City, Oregon, has experienced significant changes in its housing market from 2013 to 2022. The area has seen a notable increase in homeownership rates and a substantial rise in average home prices, reflecting broader economic trends and local market dynamics. Homeownership in Hillendale increased from 59% in 2013 to 65% in 2022, with a peak of 69% in 2017 and 2018. This trend coincided with a dramatic rise in average home prices, which more than doubled from $230,520 in 2013 to $539,397 in 2022, representing a 134% increase over nine years.
The relationship between federal interest rates and homeownership rates in Hillendale shows an interesting pattern. As interest rates remained low between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates generally increased. However, the sharp increase in interest rates to 1.68% in 2022 coincided with a slight decrease in homeownership from 67% in 2021 to 65% in 2022.
The percentage of renters in Hillendale decreased from 41% in 2013 to 35% in 2022. Despite this decline, average rent prices rose significantly during this period. The average rent more than doubled from $857 per month in 2013 to $1,829 in 2022, an increase of 113%. This substantial rise in rent prices occurred even as the renter population decreased, suggesting strong demand for rental properties in the area.
In 2023 and 2024, Hillendale's housing market showed signs of stabilization. The average home price in 2023 was $537,144, a slight decrease from 2022, but rebounded to $546,489 in 2024. This occurred despite federal interest rates reaching 5.02% in 2023 and 5.33% in 2024, significantly higher than the previous decade's rates.
Predictive models suggest that average home prices in Hillendale may continue to rise at a more moderate pace. Over the next five years, average home prices could potentially reach around $600,000, assuming continued economic stability and demand for housing in the area. Average rent prices are also expected to increase, potentially surpassing $2,000 per month within the next five years, driven by the area's desirability and limited rental inventory.
In summary, Hillendale has experienced a significant increase in homeownership rates and average home prices over the past decade, alongside rising average rent prices despite a decreasing renter population. The neighborhood has shown resilience in the face of rising interest rates, with home prices continuing to appreciate. These trends suggest that Hillendale remains an attractive location for both homeowners and investors, with potential for continued growth in property values and rental income in the coming years.
