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Rising Home Values and High Ownership Rates Define Hyatt Neighborhood in Arvada, Colorado
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
The Hyatt neighborhood in Arvada, Colorado, exhibits a notable trend of increasing homeownership and rising property values. This small residential area has experienced significant population changes over time, with a recent upward trend. The community has seen a remarkable increase in homeownership, rising from 89% in 2013 to 99% in 2022. This surge in ownership coincides with a substantial appreciation in average home prices, which doubled from $301,353 in 2013 to $604,740 in 2022, representing a 100.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Hyatt generally aligns with the trend of lower interest rates encouraging homeownership. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership in the neighborhood increased from 89% to 93%. This trend persisted even as interest rates began to rise moderately, with homeownership reaching 100% by 2020 when the federal interest rate was 0.38%.
Due to the extremely high rate of homeownership in Hyatt, there is limited data available on renter percentages and average rent prices. The community has consistently maintained a high proportion of owner-occupied homes, leaving little room for a significant rental market.
Examining the most recent data, the average home price in Hyatt for 2023 was $602,710, showing a slight decrease from 2022. In 2024, the average home price further decreased to $599,780. This minor downward trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in home prices.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Hyatt may experience a period of stabilization or modest growth. The recent slight decrease in prices, coupled with high interest rates, suggests that the rapid appreciation seen in previous years may slow down. However, given the neighborhood's desirability and limited housing supply, prices are likely to maintain their overall high levels.
In summary, the Hyatt neighborhood in Arvada has demonstrated a strong preference for homeownership, with ownership rates reaching nearly 100% in recent years. This trend has been accompanied by significant appreciation in home values, doubling over a nine-year period. The community's high rate of owner-occupied homes has left little room for a rental market. Recent data shows a slight cooling in home prices, possibly influenced by rising interest rates. Looking forward, while the rapid price growth may slow, the neighborhood is likely to maintain its high property values due to its desirable characteristics and limited housing supply.
