White Haven-Coro Lake, a neighborhood in Memphis, Tennessee, has experienced significant changes in its housing market over the past decade. This area is characterized by a diverse residential landscape that reflects broader economic trends and local market dynamics. The homeownership rate in White Haven-Coro Lake has seen a steady decline, dropping from 60% in 2013 to 51% in 2022. This downward trend in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $46,052, which rose dramatically to $124,390 by 2022, representing a 170% increase over nine years. This inverse relationship suggests that rising home prices may have made homeownership less attainable for many residents.

Federal interest rates have played a crucial role in shaping homeownership trends in White Haven-Coro Lake. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 57-58%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates dropped to 54%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.

The percentage of renters in White Haven-Coro Lake has increased from 40% in 2013 to 49% in 2022, corresponding with the decline in homeownership. This rise in renters aligns with fluctuations in average rent prices. The average rent increased from $946 in 2013 to a peak of $984 in 2021, before slightly decreasing to $938 in 2022. Despite these fluctuations, the overall trend shows a marginal decrease in average rent from 2013 to 2022, which may have contributed to the growing renter population.