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Home Values and Ownership Soar in Freeport, Michigan: A Decade of Housing Market 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
Freeport, located in Michigan, is a small community with a rich history and a dynamic real estate market. Over the past decade, the city has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices. This analysis will explore these trends and their interrelationships. Homeownership in Freeport has remained consistently high, with a slight downward trend observed between 2013 and 2022. In 2013, the homeownership rate stood at an impressive 93%, gradually decreasing to 90% by 2022. Despite this minor decline, the city maintains a strong base of homeowners. Concurrently, average home prices have shown a steady upward trajectory. In 2010, the average home price was $113,319, which increased to $260,349 by 2022, representing a significant 130% growth over 12 years.
The relationship between federal interest rates and homeownership rates in Freeport reveals some interesting patterns. From 2013 to 2016, as interest rates remained historically low (below 0.5%), homeownership rates experienced a slight decrease from 93% to 88%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized and even showed a slight increase, reaching 92% by 2021. This suggests that other local factors may have a stronger influence on homeownership in Freeport than national interest rates alone.
Renter percentages in Freeport have shown a corresponding inverse relationship to homeownership rates. The proportion of renters increased from 7% in 2013 to 12% in 2016, before settling back to 10% in 2022. Average rent prices have generally trended upward during this period, albeit with some fluctuations. In 2013, the average rent was $754, which increased to $899 by 2021, representing a 19% increase. However, there was a notable decrease to $791 in 2022, possibly reflecting changing market conditions or local economic factors.
Looking at the most recent data, average home prices in Freeport continued to rise in 2023 and 2024, reaching $264,731 and $274,384 respectively. This represents a modest but steady increase from 2022 levels. Concurrently, federal interest rates have remained elevated, at 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends and housing affordability in the area.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Freeport will continue to increase, potentially reaching around $300,000 by 2029. Average rent prices are also expected to rise, possibly surpassing $950 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Freeport has maintained a high rate of homeownership despite rising home prices over the past decade. The rental market, while smaller, has shown growth in both occupancy and prices, with some recent moderation. The city's real estate market has demonstrated resilience and growth, with homeownership remaining strong even in the face of increasing property values and fluctuating interest rates. As the community continues to evolve, these trends will likely shape the future of housing in Freeport.
