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Housing Trends in McArthur Park: Rising Values and Resilient Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
McArthur Park, located in Jonesboro, Arkansas, is a neighborhood that has experienced notable fluctuations in its housing market over the past decade. From 2013 to 2022, the area saw significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The relationship between homeownership percentages and average home prices in McArthur Park reveals an interesting trend. In 2013, the homeownership rate stood at 57%, with average home prices at $149,305. As average home prices steadily increased, reaching $229,399 by 2022, the homeownership rate initially declined to 44% in 2019 before rebounding to 58% in 2022. This suggests that despite rising home prices, other factors may have influenced the eventual increase in homeownership. Federal interest rates appear to have played a role in homeownership trends in McArthur Park. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates declined from 57% to 49%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized and then increased, reaching 58% by 2022 when the federal interest rate was 1.68%. This counterintuitive trend suggests that local factors or broader economic conditions may have had a more significant impact on homeownership than interest rates alone.
Renter percentages and average rent prices in McArthur Park also showed notable trends. In 2013, the renter-occupied percentage was 43%, with an average rent of $690. As the renter percentage increased to 55% in 2019, average rent prices fluctuated, dropping to as low as $435 in 2015 before rising to $985 in 2019. By 2022, the renter percentage had decreased to 42%, while average rent reached $1,186. This inverse relationship between renter percentages and average rent prices in recent years may indicate increased housing demand or improved economic conditions in the area.
Looking at the most recent data, average home prices in McArthur Park continued to rise, reaching $245,357 in 2023 and $250,484 in 2024. This represents a significant increase from the 2022 average of $229,399. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and market dynamics.
Applying predictive models to forecast 5-year trends, we can expect average home prices in McArthur Park to continue their upward trajectory, potentially reaching around $280,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,400 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, McArthur Park has demonstrated resilience in its housing market, with homeownership rates recovering despite rising home prices. The neighborhood has seen significant increases in both average home values and rent prices, particularly in recent years. The complex interplay between interest rates, homeownership, and rental trends highlights the multifaceted nature of the local real estate market, suggesting that McArthur Park may continue to evolve as a dynamic residential area in Jonesboro.
