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Rising Home Values and Ownership in Robbins, Tennessee: A Decade of Housing Transformation
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
Robbins, Tennessee, is a small community nestled in the scenic Cumberland Plateau region. Over the past decade, this town has experienced notable shifts in homeownership rates and housing market dynamics. The overall trend shows an increase in homeownership, accompanied by rising average home prices and fluctuating average rent prices.
Homeownership in Robbins has seen a significant upward trend, rising from 69% in 2014 to 86% in 2022. This increase in ownership coincides with a substantial rise in average home prices. In 2014, the average home price was $69,356, but by 2022, it had more than doubled to $139,195. This correlation suggests that as property values increased, more residents were motivated to invest in homeownership, possibly viewing it as a sound financial decision.
The relationship between federal interest rates and homeownership rates in Robbins presents an interesting dynamic. Despite the federal interest rate increasing from 0.09% in 2014 to 1.68% in 2022, homeownership continued to rise. This trend contradicts the typical expectation that higher interest rates discourage homeownership. However, it's worth noting that interest rates remained relatively low during this period compared to historical standards, which may have continued to make homeownership attractive.
As homeownership increased, the percentage of renters in Robbins decreased from 31% in 2014 to 14% in 2022. Interestingly, despite the declining renter population, average rent prices showed an upward trend. The average rent rose from $488 in 2014 to $602 in 2022, a 23% increase. This trend might be attributed to a combination of factors, including overall property value appreciation and potentially improved rental property quality.
Looking at the most recent data, the average home price in Robbins for 2023 was $138,499, showing a slight decrease from 2022. The 2024 average home price stands at $138,405, indicating a relatively stable market. The federal interest rate for 2024 is 5.33%, which is significantly higher than previous years. This increase in interest rates could potentially impact future homeownership trends and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Robbins may continue to rise moderately, albeit at a slower pace than observed in the past decade. This prediction is based on the historical growth pattern and the current economic climate. Average rent prices are also expected to continue their upward trajectory, potentially reaching around $650-$700 by 2029, assuming the current trends persist.
In summary, Robbins has experienced a remarkable increase in homeownership rates over the past decade, accompanied by significant growth in average home prices. Despite rising interest rates, the community has maintained a strong preference for homeownership. The rental market, while shrinking in terms of occupancy, has seen steady increases in average rent prices. These trends paint a picture of a community with a growing preference for property ownership and increasing property values, positioning Robbins as an evolving and potentially attractive area for residential investment.
