Loading Content...
Jonesboro High: Rising Home Values Amidst Homeownership Surge
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Jonesboro High neighborhood in Jonesboro, Arkansas, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. Homeownership rates in the neighborhood have shown a notable increase, particularly in recent years. In 2013, the homeownership rate was 60%, which remained relatively stable until 2020 when it saw a substantial jump to 71%. By 2022, the rate had further increased to 73%. This upward trend in homeownership coincides with a steady rise in average home prices. In 2013, the average home price was $119,039, which gradually increased to $181,681 by 2022, representing a 52.6% increase over this period.
The relationship between federal interest rates and homeownership rates in Jonesboro High shows an interesting pattern. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable around 57-60%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates paradoxically increased to 73%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends during this period.
Renter percentages in the neighborhood have shown an inverse relationship to homeownership rates. In 2013, 40% of residents were renters, a figure that remained relatively stable until 2020 when it dropped to 28%, coinciding with the increase in homeownership. Average rent prices, however, have not consistently followed this trend. In 2013, the average rent was $786, which increased to $1,266 by 2016. After some fluctuations, it settled at $1,084 in 2022. The population growth from 871 in 2013 to 1,292 in 2022 may have contributed to the overall increase in rent prices despite the decreasing percentage of renters.
As of 2024, the average home price in Jonesboro High has reached $191,947, showing continued growth from the 2022 figure. This represents a 5.7% increase from 2023 when the average home price was $189,421. The federal interest rate for 2024 stands at 5.33%, a slight increase from the 2023 rate of 5.02%. These figures indicate a continuing trend of rising home values despite higher interest rates.
Looking ahead, predictive models suggest that average home prices in Jonesboro High are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices may stabilize or see modest increases, influenced by the high homeownership rates and potential new housing developments in the area.
In summary, the Jonesboro High neighborhood has experienced a significant shift towards homeownership, with rates increasing from 60% to 73% between 2013 and 2022. This trend has occurred alongside a substantial increase in average home prices and fluctuating rent prices. The area's resilience in maintaining high homeownership rates despite rising interest rates suggests strong local demand for housing and potential economic growth in the region.
