Northwood, a neighborhood in Philadelphia, Pennsylvania, has experienced significant changes in homeownership rates and housing prices over the past decade. These changes reflect broader economic trends and local market dynamics. The homeownership rate in Northwood has shown a notable increase in recent years. In 2013, the neighborhood had a 67% homeownership rate, which remained relatively stable until 2019. However, there was a substantial jump to 75% in 2020, followed by further increases to 80% in 2021 and 78% in 2022. This upward trend in homeownership coincides with fluctuations in average home prices. The average home price in Northwood rose from $104,945 in 2013 to $192,849 in 2022, representing an impressive 83.8% increase over this period.

The relationship between federal interest rates and homeownership rates in Northwood follows a well-established pattern. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, the homeownership rate held steady at around 62-67%. The slight increase in interest rates to 1% in 2017 and 1.83% in 2018 didn't immediately impact homeownership, which remained at 62-63%. However, the sharp drop in interest rates to 0.38% in 2020 and 0.08% in 2021 coincided with the significant jump in homeownership to 75% and 80% respectively, illustrating how lower interest rates can stimulate home buying activity.

Rental trends in Northwood have shown an inverse relationship to homeownership rates. The percentage of renters increased from 25% in 2013 to a peak of 37% in 2019, before decreasing to 22% in 2022. Average rent prices have fluctuated over this period, starting at $975 in 2013, dropping to a low of $802 in 2015, and then rising to $1,042 in 2020 before settling at $806 in 2022. These changes in rental rates and occupancy appear to be influenced by the overall housing market conditions and economic factors affecting the area.