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Rising Home Values and Ownership: Woodbury, Georgia's Transforming Housing Market
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
Woodbury, a small city in Georgia, has experienced notable shifts in its housing market over the past decade. With a population of 1,595 in 2022 and spanning just 2.07 square miles, this compact community has seen significant changes in homeownership rates and property values.
The trend of homeownership in Woodbury has shown a steady increase, particularly in recent years. In 2013, the homeownership rate stood at 74%, and by 2022, it had risen to an impressive 85%. This 11 percentage point increase indicates a growing preference for homeownership among Woodbury residents. Concurrently, average home prices have seen a substantial rise. In 2013, the average home price was $64,917, which more than doubled to $147,254 by 2022, representing a 127% increase over this period.
The relationship between federal interest rates and homeownership rates in Woodbury appears to follow expected patterns. As interest rates remained low from 2013 to 2020, ranging from 0.08% to 0.4%, homeownership rates increased from 74% to 79%. This trend aligns with the general principle that lower interest rates make mortgages more affordable, thereby encouraging homeownership.
Conversely, the percentage of renters in Woodbury has decreased over time, from 26% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices have shown a modest increase. In 2013, the average rent was $776, which rose to $784 by 2022, a relatively small increase of just 1% over nine years. This minimal growth in rent prices, coupled with the declining renter population, suggests a shift towards homeownership in the city.
Looking at the most recent data, the average home price in Woodbury continued to rise, reaching $152,458 in 2023 and further increasing to $162,641 in 2024. This represents a 10.5% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the city.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Woodbury will continue to rise, potentially reaching around $200,000 by 2029. This projection is based on the consistent upward trajectory observed over the past decade. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of around $820 per month by 2029, assuming the current trend of slow growth continues.
In summary, Woodbury has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The city has seen a steady decline in its renter population, while rent prices have remained relatively stable. The recent sharp increase in federal interest rates may influence future homeownership trends, potentially slowing the rate of increase. However, the overall trajectory suggests continued growth in both home values and homeownership rates in Woodbury over the next five years.
