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Northshore, Oshkosh: Rising Home Values and Shifting Ownership in a Resilient Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Northshore, located in Oshkosh, Wisconsin, is a vibrant neighborhood characterized by its dynamic housing market and evolving demographics. Over the past decade, this area has experienced significant shifts in homeownership rates and property values, reflecting broader economic trends and local market conditions.
The homeownership rate in Northshore has shown a notable upward trend since 2013. In 2013, owner-occupied housing accounted for 44% of the residential units. This figure steadily increased to 54% by 2022, indicating a growing preference for homeownership in the neighborhood. Concurrently, average home prices have seen substantial appreciation. In 2013, the average home price was $191,693, which rose to $315,471 by 2022, representing a 64.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Northshore reveals an interesting pattern. As interest rates remained low between 2013 and 2016, hovering around 0.1% to 0.4%, the homeownership rate increased from 44% to 48%. This trend aligns with the general principle that lower interest rates make mortgages more affordable, encouraging home purchases. However, even as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Northshore continued to climb, reaching 54% in 2022. This suggests that other local factors, such as job market strength or neighborhood desirability, may have played a significant role in driving homeownership.
Conversely, the percentage of renters in Northshore has decreased from 56% in 2013 to 46% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trajectory. In 2013, the average rent was $617, which increased to $719 by 2022, a 16.5% rise. This increase in rent prices, despite a decreasing renter population, could indicate a growing demand for higher-quality rental properties or reflect broader economic factors such as inflation and rising property values.
Looking at the most recent data, average home prices in Northshore continued their upward trend, reaching $337,150 in 2023 and $341,381 in 2024. This represents a 7% increase from 2022 to 2023 and a further 1.3% rise from 2023 to 2024. Interestingly, this price appreciation occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong underlying demand for housing in the area, possibly driven by factors such as local economic growth or limited housing supply.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Northshore will continue to appreciate, albeit at a more moderate pace. Projections suggest that by 2029, average home prices could reach approximately $380,000 to $400,000, representing a 10-15% increase from 2024 levels. Average rent prices are also expected to rise, potentially reaching $780 to $800 per month by 2029, an increase of about 8-11% from 2022 levels.
In summary, Northshore has experienced a significant shift towards homeownership over the past decade, accompanied by substantial appreciation in property values. Despite rising interest rates, the demand for homes in the area remains strong, as evidenced by the continued increase in both homeownership rates and average home prices. The rental market, while shrinking in terms of population, has seen steady increases in average rent prices. These trends suggest that Northshore is likely to remain an attractive area for both homeowners and investors in the coming years, with property values and rents projected to continue their upward trajectory, albeit at a more measured pace.
