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Old Bend in 2022: Neighborhood with the Fastest Growing Median Income, Oregon
CATEGORY
Top Regions
DATA
Median Income
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Top Regions
Median Income
Old Bend, a historic neighborhood in Bend, Oregon, has emerged as the area with the fastest-growing median income over the years. This distinction is particularly noteworthy in 2022, the latest year for which comprehensive data is available. The neighborhood's rapid income growth is accompanied by significant changes in demographics, housing prices, and population density, painting a picture of a rapidly evolving urban landscape.
In 2022, Old Bend's median income reached $103,773, marking a substantial increase from previous years. This figure represents the culmination of a remarkable upward trajectory in the neighborhood's economic profile. To fully appreciate the magnitude of this growth, it's essential to examine the historical data and the factors that may have contributed to this economic transformation.
The most striking aspect of Old Bend's income growth is the dramatic jump observed between 2019 and 2020. In 2019, the median income stood at $55,917. However, by 2020, it had skyrocketed to $100,464, nearly doubling in a single year. This extraordinary leap marks a turning point in the neighborhood's economic narrative. From 2020 onwards, the growth continued, albeit at a more moderate pace, reaching $101,173 in 2021 before attaining the 2022 figure.
To understand the context of this rapid income growth, it's crucial to examine other relevant factors in Old Bend's development. One significant correlation is the trend in average home prices. The data shows a consistent and steep increase in property values over the same period. In 2019, the average home price in Old Bend was $579,138. By 2020, coinciding with the significant jump in median income, home prices had risen to $637,210. This upward trend continued sharply, with average home prices reaching $830,070 in 2021 and an impressive $952,139 in 2022.
The parallel growth in income and home prices suggests a complex interplay of factors. Higher incomes may have enabled residents to afford more expensive homes, while the rising property values could have attracted higher-income residents to the area. This dynamic likely contributed to the changing demographic profile of Old Bend.
Another notable trend is the shift in Old Bend's population and density. The neighborhood experienced a significant population increase from 1,365 in 2019 to 1,751 in 2020, coinciding with the sharp rise in median income. The population density also increased from 3,318 people per square mile in 2019 to 4,256 in 2020. This influx of new residents may have contributed to the changing income profile of the neighborhood.
Interestingly, the data also reveals changes in the housing occupancy patterns. The percentage of owner-occupied housing units increased from 35.05% in 2019 to 48.62% in 2020, maintaining a similar level in subsequent years (44.66% in 2021 and 48.84% in 2022). This shift towards higher owner occupancy rates aligns with the increase in median income and could indicate a trend of more affluent residents moving into or remaining in the neighborhood.
The employment-to-population ratio also saw a notable increase, rising from 0.694 in 2019 to 0.843 in 2020, and maintaining high levels in 2021 (0.784) and 2022 (0.832). This improvement in employment rates likely contributed to the overall increase in median income.
In conclusion, Old Bend's distinction as the neighborhood with the fastest-growing median income is the result of a complex interplay of economic and demographic factors. The dramatic increase in median income, particularly the jump between 2019 and 2020, coincided with significant changes in population density, housing prices, homeownership rates, and employment levels. These trends collectively paint a picture of a neighborhood undergoing rapid transformation, attracting more affluent residents and experiencing substantial economic growth. The sustained high median income levels from 2020 to 2022 suggest that this growth is not a temporary phenomenon but potentially a lasting shift in the neighborhood's economic profile.
