New Horizons, a vibrant neighborhood in Chandler, Arizona, has experienced significant changes in homeownership rates and property values over the past decade. This predominantly owner-occupied community has maintained homeownership rates above 80% since 2013, with average home prices showing a strong upward trend. The relationship between homeownership rates and average home prices in New Horizons reveals an interesting pattern. From 2013 to 2022, the percentage of owner-occupied homes increased from 85% to 91%, coinciding with a significant rise in average home prices. In 2013, the average home price was $244,914, which more than doubled to $595,717 by 2022. This trend suggests that as property values increased, more residents chose to invest in homeownership, possibly viewing it as a profitable long-term investment.

Federal interest rates have played a crucial role in shaping homeownership trends in New Horizons. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. During this time, homeownership rates remained stable at around 84-85%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased to 91%. This counter-intuitive trend might be attributed to residents rushing to purchase homes before rates climbed further, anticipating potential future increases in both interest rates and home prices.

The renter population in New Horizons has fluctuated inversely to homeownership rates. In 2013, 15% of the population were renters, with average rent at $1,216. By 2017, the renter percentage dropped to 9%, while average rent peaked at $1,750. Interestingly, as the renter population decreased, average rent prices generally increased. This could be due to a limited supply of rental properties in a predominantly owner-occupied neighborhood, driving up rental costs. The population growth from 673 in 2013 to 776 in 2022 may have also contributed to increased demand for the limited rental inventory.