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Naylor Neighborhood: Fluctuating Home Values and Ownership Trends Amid Economic Changes
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Naylor neighborhood in Tucson, Arizona, has experienced significant fluctuations in homeownership rates and housing prices over the past decade. This community has seen a general trend of decreasing homeownership and increasing average home prices, with some notable exceptions.
From 2013 to 2017, the neighborhood saw a substantial increase in homeownership rates, rising from 52% to 70%. During this period, average home prices also increased steadily, from $80,808 in 2013 to $116,868 in 2017. This positive correlation suggests that as home values appreciated, more residents were able to enter the housing market.
However, since 2017, there has been a dramatic reversal in homeownership trends. The percentage of owner-occupied homes plummeted from 70% in 2017 to just 18% in 2022, while average home prices continued to climb, reaching $233,696 in 2022. This inverse relationship indicates that rising home prices may have priced many residents out of homeownership.
The federal interest rate trends appear to have influenced homeownership rates in Naylor. For instance, the period of low interest rates from 2013 to 2017 (ranging from 0.11% to 1%) coincided with the increase in homeownership. Conversely, as interest rates began to rise more sharply from 2018 onwards, reaching 1.68% in 2022, homeownership rates declined significantly.
Renter percentages in Naylor have generally moved inversely to homeownership rates. From 2017 to 2022, the percentage of renter-occupied homes increased from 30% to 81%. Average rent prices during this period fluctuated considerably, dropping from $774 in 2017 to $17 in 2018, then rising to $844 in 2019, before settling at $642 in 2022. These variations in rent prices don't seem to follow a clear pattern in relation to the increasing renter population, suggesting other factors may be at play.
Looking at the most recent data, average home prices in Naylor continued to rise in 2023 and 2024, reaching $235,672 and $244,238 respectively. This upward trend persisted despite a significant increase in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Naylor will continue to rise, albeit at a slower pace due to the higher interest rates. We expect average home prices to reach approximately $275,000 by 2029. Average rent prices are projected to increase moderately, potentially reaching around $750 per month in the same timeframe.
In summary, the Naylor neighborhood has experienced a significant shift from homeownership to renting over the past decade, coinciding with rapidly increasing home prices. The recent spike in interest rates may further challenge potential homebuyers, potentially leading to a continued dominance of the rental market in the near future. These trends highlight the dynamic nature of the Naylor real estate market and its sensitivity to broader economic factors.
