Settler's Point, a neighborhood in Gilbert, Arizona, has experienced significant changes in its real estate landscape over the past decade. From 2013 to 2022, the area witnessed a notable decline in homeownership rates, dropping from 91% to 68%. This 23 percentage point decrease coincided with a substantial rise in average home prices, which more than doubled from $253,173 in 2013 to $609,091 in 2022. This inverse relationship between homeownership rates and home prices suggests that rising property values may have priced out some potential buyers, shifting the balance towards a higher proportion of renters.

Federal interest rates played a crucial role in shaping homeownership trends. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Settler's Point remained relatively stable, ranging from 89% to 91%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined more rapidly. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.

As homeownership decreased, the percentage of renters in Settler's Point increased from 9% in 2013 to 32% in 2022. Average rent prices showed volatility during this period, rising from $1,875 in 2013 to a peak of $2,409 in 2018, before declining to $1,957 in 2022. This fluctuation in rent prices, coupled with the increasing renter population, suggests a complex interplay of supply and demand factors in the local rental market.