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MacArthur Park: Rising Home Values and Stable Ownership in a Dynamic San Antonio Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
MacArthur Park, a vibrant neighborhood in San Antonio, Texas, has experienced significant changes in its housing market over the past decade. This area, known for its diverse community and urban amenities, has seen a substantial increase in average home prices while maintaining relatively stable homeownership rates. From 2013 to 2022, the neighborhood witnessed a remarkable 95% increase in average home prices, rising from $167,317 to $326,778.
The homeownership rate in MacArthur Park has fluctuated between 42% and 49% during this period. Interestingly, the highest homeownership rate of 49% was observed in 2016 when federal interest rates were low at 0.4%. As interest rates increased in subsequent years, reaching 1.83% in 2018, homeownership rates decreased to 44%, demonstrating an inverse relationship between interest rates and homeownership.
Renter percentages in MacArthur Park have ranged from 51% to 57% between 2013 and 2022. Average rent prices have shown a general upward trend, increasing from $672 in 2013 to $1,178 in 2021, representing a 75% increase. However, there was a slight decrease to $969 in 2022. The population fluctuations in MacArthur Park during this period may have influenced rental demand and prices.
As of 2024, the average home price in MacArthur Park has reached $345,831, continuing the upward trend observed in previous years. The federal interest rate for 2024 stands at 5.33%, significantly higher than the rates seen in the past decade. This increase in interest rates could potentially impact homeownership rates and housing affordability in the coming years.
Based on historical data and current trends, it is predicted that average home prices in MacArthur Park will likely continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices may also continue to increase, but with possible moderation as the market adjusts to economic conditions and housing supply changes.
In conclusion, MacArthur Park has experienced a significant increase in average home prices over the past decade, while homeownership rates have remained relatively stable. The neighborhood has also seen a general upward trend in average rent prices, with some recent fluctuations. The interplay between federal interest rates, housing prices, and homeownership rates highlights the complex dynamics of the local real estate market. As the neighborhood continues to evolve, these trends will likely shape its demographic and economic landscape in the coming years.
