The Hoover neighborhood in Fresno, California, demonstrates a resilient housing market characterized by significant increases in home values and stable homeownership rates. From 2013 to 2022, this area with a population of 67,480 experienced notable shifts in its housing landscape. Homeownership rates remained relatively constant, starting at 43% in 2013, dipping to 39% in 2015, and returning to 43% by 2022. This stability occurred despite a substantial 136% increase in average home prices, rising from $145,473 in 2013 to $343,619 in 2022.

The relationship between federal interest rates and homeownership in Hoover reveals interesting patterns. From 2013 to 2016, when interest rates were historically low (0.11% to 0.40%), homeownership rates slightly decreased from 43% to 40%. Conversely, as interest rates rose more significantly from 2017 to 2022 (1% to 1.68%), homeownership rates stabilized and increased back to 43%. This suggests that local factors such as employment opportunities or housing supply may have had a more significant impact on homeownership than interest rates alone.

The rental market in Hoover showed slight changes from 2013 to 2022, with the percentage of renters decreasing marginally from 57% to 56%. During this period, average rent prices increased steadily from $1,032 in 2013 to $1,158 in 2022, representing a 12% rise. This increase, while significant, was not as dramatic as the surge in home prices. The relatively stable renter population, despite rising rents, may indicate a continued demand for rental properties in the area, possibly due to the even steeper rise in home prices.