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Rising Home Values and Ownership Trends in Willemette: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Willemette neighborhood in Evansville, Indiana, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates and notable increases in both average home prices and average rent prices, reflecting broader economic trends and local market conditions. From 2013 to 2022, the Willemette neighborhood witnessed a shift in homeownership rates. In 2013, the area had a 67% homeownership rate, which declined to 52% by 2019. However, there was a reversal of this trend in recent years, with homeownership increasing to 60% in 2022. This change coincided with a substantial rise in average home prices. In 2013, the average home price in Willemette was $57,536, which increased to $112,016 by 2022, representing a 94.7% increase over this period.
The relationship between federal interest rates and homeownership rates in Willemette shows some interesting patterns. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates initially declined. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the neighborhood stabilized and then increased. This suggests that other local factors may have played a more significant role in homeownership decisions than national interest rates alone.
Renter percentages in Willemette have shown an inverse relationship to homeownership rates. The renter population increased from 33% in 2013 to a peak of 49% in 2020, before decreasing slightly to 40% in 2022. Average rent prices have generally trended upward during this period. In 2013, the average rent was $776, which increased to $917 by 2022, representing an 18.2% increase. This rise in rent prices occurred alongside population growth in the neighborhood, from 1,744 residents in 2013 to 1,982 in 2022, potentially contributing to increased demand for rental properties.
Looking at the most recent data, the average home price in Willemette continued its upward trajectory, reaching $117,805 in 2023 and further increasing to $123,303 in 2024. This represents a 10.1% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Willemette will continue to rise, potentially reaching around $150,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. Average rent prices are also expected to increase, potentially surpassing $1,000 per month within the next five years if current trends persist.
In summary, the Willemette neighborhood has experienced a resurgence in homeownership rates in recent years, despite rising home prices. The area has seen substantial appreciation in property values, with average home prices nearly doubling from 2013 to 2022. Rent prices have also increased, though at a more moderate pace. These trends, combined with the neighborhood's growing population, suggest a robust and dynamic housing market in Willemette, with potential for continued growth in both home values and rental rates in the coming years.
