Young Lilly, a neighborhood in Springfield, Missouri, has experienced significant changes in homeownership and property values over the past decade. From 2013 to 2022, homeownership rates increased from 73% to 84%, while average home prices more than doubled from $106,689 to $215,979, representing a 102% increase. The trend of increasing homeownership rates appears to be influenced by federal interest rates. During the period of historically low interest rates between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership became more attractive due to affordable mortgage options. This period saw the ownership rate climb from 73% to 79%. Interestingly, the sharp rise in interest rates to 1.68% in 2022 did not immediately impact the homeownership trend, which continued to increase to 84% that year. The rental market in Young Lilly has seen a corresponding decline, with the percentage of renters decreasing from 27% in 2013 to 16% in 2022. Despite this decline, average rent prices have shown volatility. From 2013 to 2018, average rents increased steadily from $1,022 to $1,114. However, there was a significant drop in subsequent years, with average rent falling to $938 in 2022. This decrease in rent prices, coupled with the declining renter population, suggests a shift in the local housing market dynamics, possibly influenced by the increasing preference for homeownership.