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Rising Home Values and Ownership Trends in Green Acres, Lakewood: A Decade of Real Estate Dynamics
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
Green Acres, a neighborhood in Lakewood, Colorado, has experienced significant changes in its real estate market over the past decade. This area is characterized by fluctuating homeownership rates, increasing average home prices, and rising rent costs. From 2013 to 2022, the community has predominantly been renter-occupied, with ownership percentages varying between 19% and 31%. During this period, both average home prices and rent prices have shown a general upward trend.
The relationship between homeownership rates and average home prices in Green Acres reveals interesting patterns. In 2013, the ownership rate was 26% with an average home price of $327,674. By 2016, as average home prices increased to $459,340, the ownership rate slightly decreased to 25%. However, in 2022, despite the average home price reaching $838,637, the ownership rate increased to its highest observed level of 31%. This suggests a growing interest in homeownership despite rising prices.
Federal interest rates have influenced homeownership trends in Green Acres. In 2013, with low interest rates of 0.11%, the ownership rate was 26%. As rates remained low through 2020 (0.38%), homeownership generally stayed within the 20-30% range. Interestingly, in 2022, even with a significant increase in interest rates to 1.68%, the ownership rate peaked at 31%. This indicates that local market conditions or demographic shifts may have had a stronger influence on homeownership than interest rates in this neighborhood.
Renter percentages and average rent prices in Green Acres have shown a clear correlation. In 2013, when 74% of the population were renters, the average rent was $783. As the renter percentage increased to 81% in 2018, the average rent rose to $1,068. By 2022, despite a decrease in the renter percentage to 69%, the average rent continued to climb, reaching $1,254. This trend indicates consistent upward pressure on rental prices, even with fluctuations in the renter population.
In 2023 and 2024, Green Acres experienced a slight downturn in average home prices, followed by a modest recovery. The average home price in 2023 was $806,596, showing a decrease from the 2022 peak. However, in 2024, prices rebounded slightly to $814,940. Interest rates continued to rise, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the initial dip in home prices.
Looking ahead, based on historical trends and current market conditions, average home prices in Green Acres may continue to experience moderate growth over the next five years, potentially reaching around $900,000 by 2029. Average rent prices are likely to maintain their upward trajectory, potentially surpassing $1,500 per month within the same timeframe.
In summary, Green Acres has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The rental market has shown steady growth in prices, even with fluctuations in the renter population. Recent data indicates a slight cooling in the housing market, but with signs of recovery. These trends suggest a dynamic and evolving real estate landscape in Green Acres, with potential opportunities for both homeowners and investors in the coming years.
