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Mid Lakewood, Colorado: Rising Home Values and Resilient Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mid Lakewood, a vibrant neighborhood in Lakewood, Colorado, has experienced significant changes in homeownership rates and property values over the past decade. Known for its suburban charm and proximity to urban amenities, the area has seen a general trend of increasing average home prices, while ownership percentages have fluctuated. This analysis examines the complex relationship between these factors and other economic indicators.
From 2013 to 2022, Mid Lakewood witnessed a notable increase in average home prices, rising from $248,399 to $622,325. During this period, homeownership rates initially declined from 84% in 2013 to 70% in 2017, but then rebounded to 85% by 2022. This trend suggests that factors beyond price, such as local economic conditions or housing policies, may have influenced homeownership rates in the area.
Federal interest rates have played a significant role in shaping homeownership patterns in Mid Lakewood. In 2013, when interest rates were at a low 0.11%, the neighborhood had a high homeownership rate of 84%. As interest rates gradually increased to 1.83% by 2018, homeownership rates dipped to 72%. However, the subsequent drop in interest rates to 0.08% in 2021 coincided with a rise in homeownership to 82%, demonstrating the inverse relationship between interest rates and homeownership rates.
Renter percentages and average rent prices in Mid Lakewood have shown interesting trends. In 2013, with 16% of residents renting, the average rent was $1,617. As the renter percentage increased to 30% in 2017, average rent rose to $1,846. However, by 2022, the renter percentage decreased to 15%, while average rent slightly decreased to $1,534. This pattern suggests that changes in the rental market may be influenced by factors such as housing supply and local economic conditions, rather than solely by demand from renters.
In 2023 and 2024, Mid Lakewood's real estate market showed signs of stabilization. The average home price in 2023 was $602,764, indicating a slight decrease from the previous year. However, in 2024, prices rebounded to $613,674. These figures coincide with higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may have influenced buying patterns and overall market dynamics.
Looking ahead, predictive models suggest that average home prices in Mid Lakewood may continue to rise moderately over the next five years, potentially reaching around $675,000 by 2029. Average rent prices are expected to follow a similar trend, possibly increasing to approximately $1,700 per month. These projections assume relatively stable economic conditions and continued demand for housing in the area.
In summary, Mid Lakewood has demonstrated resilience in its housing market, with homeownership rates rebounding despite rising home prices. The inverse relationship between federal interest rates and homeownership rates has been evident, influencing buying decisions. The rental market has shown fluctuations, with recent trends indicating a preference for homeownership. As the neighborhood moves forward, it is likely to maintain its appeal, with moderate growth in both home values and rental prices expected in the coming years.
