Loading Content...
Rising Home Values and Shifting Ownership: Denton's Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Denton, Georgia, a small community in the heart of the state, has experienced significant demographic changes over the past decade. This city has seen fluctuations in its homeownership rates and housing market dynamics. The ownership percentage has generally remained high, while average home prices have shown an upward trend in recent years. Average rent prices have remained relatively stable throughout the observed period.
Homeownership rates in Denton have fluctuated but maintained a generally high level. In 2013, the ownership rate stood at 89%, and by 2022, it had decreased to 75%. This change coincided with an increase in average home prices. The average home price in 2021 was $126,819, rising to $140,276 in 2022, representing an increase of about 10.6% in just one year.
The relationship between federal interest rates and homeownership rates in Denton shows some correlation. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 2.16%, homeownership rates generally stayed above 80%. However, in 2022, when the federal interest rate increased to 1.68%, the homeownership rate dropped to 75%. This suggests that rising interest rates may have influenced some residents to shift towards renting.
Renter percentages in Denton have shown an inverse relationship to homeownership rates. In 2013, the renter percentage was 11%, which increased to 25% by 2022. Interestingly, despite this increase in renters, the median rent remained stable at $474 from 2013 to 2019, then slightly decreased to $467 in 2020 and further to $460 in 2022. This stability in rent prices, despite the increasing renter population, could be attributed to local economic factors or housing policies.
Looking at the most recent data, the average home price in Denton was $139,153 in 2023 and increased to $146,262 in 2024, showing a continued upward trend. Simultaneously, the federal interest rate rose significantly to 5.02% in 2023 and further to 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Denton may continue to rise, albeit at a potentially slower rate due to higher interest rates. If the current trajectory continues, average home prices could reach around $160,000 to $170,000 by 2029. Rent prices, which have shown stability, may see modest increases to keep pace with inflation, potentially reaching an average of $500 to $525 per month in the next five years.
In summary, Denton has experienced a gradual shift from a predominantly owner-occupied housing market to one with an increasing renter population. Despite this shift, average home prices have risen, while rent prices have remained relatively stable. The interplay between federal interest rates, homeownership rates, and housing prices suggests that Denton's real estate market is responsive to broader economic factors. As the city continues to grow and evolve, these trends will likely shape its housing landscape in the coming years.
