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Rising Home Values and Ownership: Arcadia Park's Decade of Change
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
Arcadia Park, located in Fort Worth, Texas, is a vibrant neighborhood that has experienced significant changes in homeownership and housing prices over the past decade. This area has seen a general trend of increasing homeownership rates alongside rising average home prices, while rental rates have fluctuated.
The homeownership rate in Arcadia Park has shown a notable upward trend, increasing from 64% in 2013 to 75% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $152,044 in 2013 to $367,216 in 2022, representing a 141% increase over this period. The year 2021 saw the highest homeownership rate at 82%, corresponding with average home prices reaching $298,280. This correlation suggests that despite rising prices, more residents were able to enter the housing market.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low rates likely contributed to the increase in homeownership, as it made mortgages more affordable for potential buyers. The sharp rise in interest rates to 5.02% in 2023 and 5.33% in 2024 may explain the slight decrease in homeownership to 75% in 2022, as higher rates can make home purchases less accessible.
Renter percentages in Arcadia Park have generally decreased as homeownership increased. The rental rate fell from 36% in 2013 to 25% in 2022. Interestingly, average rent prices have shown an overall upward trend, rising from $1,733 in 2013 to $1,755 in 2022, with some fluctuations in between. The highest average rent was recorded in 2016 at $1,863, when the renter percentage was 29%. The population has varied over the years, from a high of 3,574 in 2012 to a low of 2,642 in 2017, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in Arcadia Park reached $360,759 in 2023 and slightly decreased to $358,552 in 2024. This minor decline occurred despite the continued increase in interest rates, which reached 5.33% in 2024. This suggests a potential cooling in the housing market, possibly due to the higher cost of borrowing.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Arcadia Park may continue to rise, but at a more moderate pace than seen in the past decade. The rate of increase could slow down due to higher interest rates, potentially reaching around $400,000 by 2029. Average rent prices are expected to follow a similar trend, potentially increasing to approximately $1,900-$2,000 per month over the next five years, assuming continued demand for rental properties in the area.
In summary, Arcadia Park has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in average home prices. The neighborhood has shown resilience in maintaining high homeownership rates despite rising prices and recent increases in interest rates. While rental rates have decreased, average rents have generally trended upward. The coming years may see a moderation in both home price and rent increases, reflecting broader economic conditions and local market dynamics.
