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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Midway District in San Diego, California has experienced significant changes in its housing market over the past decade. This neighborhood, known for its mix of residential and commercial areas, has seen substantial growth in home values and shifts in ownership patterns. From 2013 to 2022, the Midway District saw a slight increase in homeownership rates, rising from 19% to 20%. During this same period, average home prices in the neighborhood grew remarkably, from $473,579 in 2013 to $956,901 in 2022, representing a 102% increase over nine years. The relationship between federal interest rates and homeownership rates in the Midway District shows some correlation. In 2013, when interest rates were low at 0.11%, the homeownership rate was 19%. As interest rates increased to 1.68% in 2022, the homeownership rate settled at 20%, suggesting that other factors may have influenced homeownership decisions in the neighborhood.
Renter occupancy in the Midway District has shown an upward trend. In 2013, 65% of housing units were renter-occupied, increasing to 80% by 2022. This rise coincided with an increase in average rent prices, from $1,747 in 2013 to $2,018 in 2022, a 15.5% increase. The neighborhood's population decreased slightly from 9,717 in 2013 to 9,542 in 2022, potentially influencing rental market dynamics. As of 2024, the average home price in the Midway District has reached $1,045,363, continuing the upward trend observed in previous years. This represents a 9.3% increase from the 2022 average price. Concurrently, the federal interest rate in 2024 stands at 5.33%, significantly higher than the 1.68% rate in 2022. This increase may impact future homeownership trends in the neighborhood. Based on historical data and current trends, projections suggest that average home prices in the Midway District may continue to rise over the next five years, potentially reaching around $1,300,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $2,500 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions. In summary, the Midway District has experienced a significant increase in average home prices and a moderate rise in average rent prices over the past decade. The neighborhood has seen a shift towards higher renter occupancy, with homeownership rates remaining relatively stable in recent years despite fluctuations in federal interest rates. The continued rise in housing costs, coupled with higher interest rates, may shape the future demographic and economic landscape of this San Diego neighborhood.