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Patterson, Georgia: Rising Home Values and Ownership Amidst Economic Shifts
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
Patterson, located in Georgia, is a small urban area that has experienced fluctuating population trends over the past decade. The city has seen notable shifts in homeownership rates and housing prices, reflecting broader economic and demographic changes. From 2013 to 2022, Patterson witnessed an overall increase in homeownership, accompanied by a significant rise in average home prices and varying trends in average rent prices.
The homeownership rate in Patterson showed an upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 72%, rising to 80% by 2022. This increase coincided with a substantial growth in average home prices. In 2013, the average home price was $79,750, which steadily increased to $151,107 by 2022, representing a 89.5% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices rose from $118,481 to $133,907, a 13% increase in a single year.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the overall increase in homeownership in Patterson. The homeownership rate rose from 72% in 2013 to 75% in 2020, likely influenced by the favorable borrowing conditions. The sharp increase in homeownership to 80% in 2022, despite rising interest rates (1.68% in 2022), suggests other factors were also at play in the local housing market.
Renter percentages in Patterson showed an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter-occupied percentage dropped from 28% in 2013 to 20% in 2022. Average rent prices, however, did not follow a consistent trend. In 2013, the average rent was $629, which increased to $860 in 2015, then dropped to $573 in 2017, before rising again to $820 in 2022. These fluctuations in rent prices occurred despite the overall decrease in the percentage of renters, suggesting that factors beyond supply and demand were influencing rental costs.
In 2023 and 2024, Patterson continued to see growth in average home prices. The average home price reached $163,994 in 2023 and further increased to $171,599 in 2024, representing a 4.6% year-over-year increase. This growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, indicating strong demand in the local housing market even in a higher interest rate environment.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in Patterson will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the overall appreciation of property values and potential shifts in housing preferences.
In summary, Patterson has experienced a notable increase in homeownership rates and average home prices from 2013 to 2024, with the most significant growth occurring in recent years. Despite fluctuations in average rent prices and rising interest rates, the housing market has shown resilience and continued appreciation. These trends reflect the dynamic nature of Patterson's real estate market and its ability to attract homeowners even in changing economic conditions.
