Loading Content...
MacArthur Heights: Rising Home Values and Stable Ownership in Green Bay's Resilient Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
MacArthur Heights, a vibrant neighborhood in Green Bay, Wisconsin, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. From 2013 to 2022, the percentage of owner-occupied homes ranged between 74% and 79%, while average home prices saw a significant increase from $157,306 to $272,991. Average rent prices also showed an upward trend, rising from $727 in 2013 to $996 in 2022.
The relationship between homeownership rates and average home prices in MacArthur Heights reveals some interesting patterns. In 2013, when the homeownership rate was at 79%, the average home price was $157,306. As home prices steadily increased over the years, there was a slight decline in homeownership. By 2017, when the average home price reached $180,902, the homeownership rate had decreased to 74%. However, this trend reversed in recent years, with homeownership rising to 76% in 2022 despite the average home price reaching $272,991.
Federal interest rates have played a role in homeownership trends in MacArthur Heights. In 2013, when interest rates were at 0.11%, the neighborhood saw its highest homeownership rate of 79%. As interest rates gradually increased to 1.83% in 2018, homeownership dipped to 75%. Interestingly, even as interest rates rose to 1.68% in 2022, homeownership remained stable at 76%, suggesting other factors may have influenced homebuying decisions in the area.
Renter percentages and average rent prices in MacArthur Heights have shown a correlation over the years. In 2013, when 21% of residents were renters, the average rent was $727. As the renter percentage increased to 26% in 2017, average rent also rose to $874. However, by 2022, the renter percentage had decreased slightly to 23%, while average rent continued to climb, reaching $996. This suggests that despite a slight decrease in demand, other factors such as housing quality improvements or overall market conditions may have driven rent prices upward.
The years 2023 and 2024 have seen continued growth in average home prices in MacArthur Heights. In 2023, the average home price reached $287,082, and in 2024, it further increased to $303,789. This represents a 5.2% and 5.8% year-over-year increase, respectively. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying trends in the neighborhood.
Looking ahead, predictive models suggest that average home prices in MacArthur Heights will continue to rise over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, MacArthur Heights has demonstrated resilience in homeownership rates despite rising home prices and fluctuating interest rates. The neighborhood has seen substantial growth in both home values and rent prices over the past decade, with recent years showing particularly strong appreciation. As the area continues to evolve, it will be important to monitor how these trends impact the local housing market and community dynamics.
