Memorial, a Houston neighborhood known for its green spaces and upscale residences, has experienced significant changes in homeownership and property values over the past decade. The homeownership rate in Memorial has declined steadily since 2013, dropping from 68% to 57% in 2022. Concurrently, average home prices have risen substantially, increasing from $321,990 in 2010 to $594,150 in 2022, representing an 84.5% growth over 12 years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less attainable for some residents.

Federal interest rates have played a crucial role in shaping homeownership trends in Memorial. From 2010 to 2021, historically low interest rates ranging from 0.08% to 0.4% initially supported homeownership. However, as home prices continued to climb, even low interest rates could not offset the increased cost of purchasing a home. This is evident in the continued decline of homeownership rates despite favorable borrowing conditions during this period.

As homeownership rates decreased, the proportion of renters in Memorial increased significantly, from 30% in 2013 to 43% in 2022. This shift was accompanied by a substantial rise in average rent prices, which increased from $1,448 in 2013 to $1,915 in 2022, a 32.3% increase. The growing renter population and rising rent prices indicate a strong demand for rental properties in the area, possibly driven by those priced out of the homeownership market and an influx of new residents attracted to the neighborhood's amenities.