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Keewaydin's Rising Home Values and High Ownership Rates: A Decade of Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Keewaydin, a vibrant neighborhood in Minneapolis, Minnesota, has experienced significant changes in homeownership rates and housing prices over the past decade. Known for its strong sense of community and proximity to beautiful natural areas, Keewaydin has become an increasingly attractive location for homeowners.
From 2013 to 2020, homeownership rates in Keewaydin rose substantially, increasing from 85% to 94%. This trend coincided with a steady increase in average home prices, which grew from $214,899 in 2010 to $363,867 in 2022, representing a 69% increase over 12 years. The parallel growth in homeownership rates and average home prices suggests a strong correlation between property values and residents' motivation to invest in homeownership.
Federal interest rates have played a crucial role in shaping homeownership trends in Keewaydin. Between 2010 and 2015, historically low interest rates ranging from 0.09% to 0.18% likely contributed to the increase in homeownership rates from 85% in 2013 to 87% in 2017. As interest rates gradually rose from 2016 onwards, reaching 2.16% by 2019, the homeownership rate continued to climb, peaking at 94% in 2020, possibly due to a lag effect and other local market factors.
Renter percentages in Keewaydin have fluctuated inversely to homeownership rates, decreasing from 11% in 2014 to a low of 6% in 2020. Average rent prices have shown some volatility, peaking at $1,512 in 2013 and then generally declining to $1,148 in 2022. This trend suggests that despite the overall increase in property values, the rental market in Keewaydin has become more affordable, possibly due to increased housing supply or other local economic factors.
In 2023 and 2024, Keewaydin's housing market continued to demonstrate strength. The average home price reached $370,340 in 2023 and further increased to $375,525 in 2024. This upward trajectory persisted despite a significant rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024. These figures indicate a robust local housing market that has maintained growth even in the face of higher borrowing costs.
Predictive models suggest that Keewaydin's housing market will likely continue its upward trend over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $425,000 by 2029. Rent prices, which have been more volatile, are expected to stabilize and gradually increase, possibly reaching an average of $1,300-$1,400 per month by 2029.
In summary, Keewaydin has demonstrated a strong trend towards homeownership, with rates increasing significantly over the past decade. This shift has been accompanied by substantial growth in average home prices, reflecting the neighborhood's desirability and economic strength. Despite rising interest rates, the housing market has shown resilience, with continued price appreciation. The rental market, while experiencing some fluctuations, has generally become more affordable relative to home prices. These trends paint a picture of a neighborhood that has become increasingly attractive to homeowners while maintaining some affordability for renters.
