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Loganville's Rising Home Values: A Decade of Growth in Georgia's Resilient Suburb
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loganville, Georgia, a growing suburban city located about 35 miles east of Atlanta, is known for its family-friendly atmosphere and community events. The city has experienced significant population growth and changes in its housing market over the past decade. Loganville has maintained a high rate of homeownership, while average home prices and rent have shown an upward trend.
Homeownership rates in Loganville have remained relatively stable, with a slight decrease from 78% in 2013 to 75% in 2022. During this period, average home prices have shown a substantial increase. In 2013, the average home price was $140,808, which rose to $382,869 by 2022, representing a 172% increase over nine years. This trend suggests that despite rising home prices, Loganville has managed to maintain a high rate of homeownership, indicating a strong local economy and desirable living conditions.
The relationship between federal interest rates and homeownership rates in Loganville shows some correlation. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), homeownership rates remained stable at around 78%. As interest rates began to rise from 2017 onwards, there was a slight decline in homeownership, dropping to 75% by 2020 and remaining at that level through 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Loganville have shown a modest increase from 22% in 2013 to 25% in 2022. Correspondingly, average rent prices have risen from $1,190 in 2013 to $1,462 in 2022, a 23% increase over nine years. This growth in rent prices, while significant, has been less dramatic than the increase in home prices. The population of Loganville has also grown during this period, from 23,223 in 2013 to 28,048 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023, the average home price in Loganville reached $386,698, and in 2024, it further increased to $399,103. This represents a continued upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact homebuying affordability and influence future homeownership rates in the city.
Looking ahead, based on the observed trends, we can forecast that average home prices in Loganville are likely to continue their upward trajectory over the next five years, potentially reaching around $450,000 to $500,000 by 2029. Average rent prices may also continue to rise, albeit at a more moderate pace, potentially reaching $1,700 to $1,800 per month in the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, Loganville has maintained a strong homeownership rate despite significant increases in average home prices. The city has experienced steady population growth, which has likely contributed to rising home values and rent prices. The relationship between federal interest rates and homeownership rates is evident, with recent increases in interest rates potentially influencing future housing market dynamics. As Loganville continues to grow, it will be important to monitor how these trends evolve and impact the local housing market.
