Loading Content...
Home Values and Ownership in Carrollton: A Riverside City's Housing Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Carrollton, a city in Kentucky, has experienced notable shifts in its housing landscape over the past decade. This riverside community, known for its strategic location at the confluence of the Kentucky and Ohio Rivers, has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends. The city has maintained a relatively balanced mix of owners and renters, with average home prices showing a significant upward trajectory, particularly in recent years.
The relationship between homeownership rates and average home prices in Carrollton reveals interesting patterns. In 2013, the homeownership rate stood at 51%, with average home prices at $69,837. As home prices steadily increased, reaching $77,074 by 2016, the homeownership rate saw a modest rise to 52%. A notable shift occurred in 2017 when the homeownership rate jumped to 59%, coinciding with average home prices remaining stable at $77,074. This surge in homeownership persisted through 2018, even as average home prices climbed to $81,447. However, by 2019, there was a slight decline in homeownership to 56% as average home prices continued to rise, reaching $83,677.
Federal interest rates have played a significant role in shaping homeownership trends in Carrollton. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%, which likely contributed to the gradual increase in homeownership during this time. As interest rates began to rise more significantly from 2016 onwards, reaching 1.83% by 2018, Carrollton surprisingly saw its highest homeownership rates of 59%. This suggests that local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages and average rent prices in Carrollton have shown their own distinct trends. In 2013, 49% of the population were renters, with an average rent of $599. As the renter percentage decreased to 46% in 2014, average rent increased to $630. Interestingly, in 2017, when the renter percentage dropped to 41%, average rent also decreased to $541. This inverse relationship continued into 2018. However, by 2019, as the renter percentage increased to 44%, average rent jumped significantly to $663. These fluctuations may be influenced by changes in the city's population, which saw a decline from 5,943 in 2013 to 5,624 in 2018, before rising again to 5,778 in 2019.
In 2023 and 2024, Carrollton has witnessed a substantial increase in average home prices. The average home price in 2023 reached $141,674, a significant jump from previous years. This upward trend continued into 2024, with average home prices rising further to $147,809. Concurrently, federal interest rates have also increased dramatically, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates, combined with rising home prices, may present challenges for potential homebuyers in Carrollton.
Looking ahead, predictive models suggest that Carrollton's housing market will continue to evolve. Average home prices are projected to maintain their upward trajectory over the next five years, potentially reaching around $170,000 by 2029. Average rent prices, which have shown more volatility, are expected to stabilize and gradually increase, potentially reaching approximately $800 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market forces.
In summary, Carrollton's housing market has demonstrated resilience and growth, with homeownership rates remaining relatively stable despite significant increases in home prices. The city has maintained a balanced mix of owners and renters, adapting to economic changes and interest rate fluctuations. The recent sharp rise in both home prices and interest rates marks a new chapter for Carrollton's housing market, potentially influencing future homeownership trends and affordability in this Kentucky riverside city.
