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Rising Home Values and Ownership Rates in Troy, Idaho: A Decade of Growth
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
Troy, Idaho is a small city located in Latah County, known for its scenic beauty and close-knit community. Over the past decade, Troy has experienced fluctuations in homeownership rates and housing prices, with a general trend towards increased homeownership and rising average home values. The city has also seen varying trends in average rent prices, reflecting the dynamic nature of its housing market.
From 2013 to 2022, Troy's homeownership rate increased from 83% to 86%, indicating a growing preference for owning rather than renting. During this same period, average home prices in Troy rose significantly, from $223,140 in 2013 to $459,300 in 2022, representing a 105.8% increase. This substantial growth in home values coincided with the increase in homeownership, suggesting a strong correlation between rising property values and the desire to own homes in Troy.
The relationship between federal interest rates and homeownership rates in Troy appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates in Troy stayed relatively stable at around 83-85%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, Troy's homeownership rate actually increased to 86%. This suggests that other local factors may have played a more significant role in driving homeownership in Troy than national interest rates alone.
Renter percentages in Troy decreased from 17% in 2013 to 14% in 2022, inversely mirroring the rise in homeownership. Average rent prices fluctuated during this period, with notable changes including a decrease from $761 in 2014 to $393 in 2017, followed by an increase to $805 in 2022. These fluctuations in rent prices did not appear to have a consistent correlation with the declining renter percentage, indicating that other factors such as local economic conditions or housing availability may have influenced renting trends in Troy.
In 2023 and 2024, Troy's average home prices showed a slight decline followed by a rebound. The average home price in 2023 was $453,123, a 1.3% decrease from 2022. However, in 2024, the average home price increased to $468,806, representing a 3.5% rise from 2023. This recent trend occurs alongside higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in Troy.
Looking ahead, based on historical trends and current market conditions, it is projected that average home prices in Troy will continue to rise over the next five years, albeit at a more moderate pace than seen in the early 2020s. Average rent prices are also expected to increase gradually, potentially stabilizing as the housing market adjusts to changing economic conditions and population growth.
In summary, Troy has experienced a notable increase in homeownership rates and average home prices over the past decade, with recent years showing particularly strong growth. Despite fluctuations in average rent prices, the trend towards homeownership has remained strong. The city's housing market has demonstrated resilience and growth, with recent data suggesting a continued upward trajectory in home values, even in the face of rising interest rates.
