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Lewiston, Minnesota: Rising Home Values and Stable Ownership in a Charming City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lewiston, a charming city in Minnesota, has experienced notable shifts in its housing market over the past decade. This analysis explores the dynamics between homeownership rates, average home prices, and average rent prices in Lewiston, revealing interesting trends and patterns.
Homeownership in Lewiston has remained relatively stable, with a slight increase from 77% in 2015 to 79% in 2022. During this period, average home prices have shown a consistent upward trend. In 2011, the average home price in Lewiston was $145,918, which steadily increased to $266,641 by 2022, representing an impressive 82.7% growth over 11 years.
The relationship between federal interest rates and homeownership rates in Lewiston presents an interesting picture. Despite historically low interest rates between 2010 and 2021 (ranging from 0.08% to 0.4%), homeownership rates remained relatively stable, fluctuating between 77% and 81%. This suggests that other local factors may have influenced homeownership decisions in Lewiston more strongly than national interest rates during this period.
Renter percentages in Lewiston have shown slight fluctuations, ranging from 19% to 23% between 2013 and 2022. Average rent prices have demonstrated a more pronounced upward trend. In 2013, the average rent was $654, which increased to $971 by 2022, representing a 48.5% increase over nine years. This rise in average rent prices outpaced the growth in the renter population, which remained relatively stable during this period.
Looking at the most recent data, average home prices in Lewiston continued their upward trajectory, reaching $286,249 in 2023 and $298,316 in 2024. This represents a 7.4% increase from 2022 to 2023 and a further 4.2% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the city.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Lewiston will continue to rise, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe. These projections assume a continuation of current trends and stable economic conditions.
In summary, Lewiston's housing market has demonstrated resilience and growth over the past decade. The city has maintained a high rate of homeownership despite rising home prices, while also experiencing significant increases in average rent prices. The recent uptick in interest rates, coupled with the continued rise in home prices, may present new challenges and opportunities for both homeowners and renters in Lewiston in the coming years.
