Loading Content...
Rising Home Values and Shifting Ownership in Baylees-Atkins: 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 Baylees-Atkins neighborhood in Lubbock, Texas, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in average home values, homeownership rates, and rental markets from 2010 to 2024, with projections extending to 2029. The community has witnessed a notable increase in property values alongside subtle shifts in occupancy patterns.
Homeownership rates in Baylees-Atkins have fluctuated between 45% and 50% from 2013 to 2022. The percentage of owner-occupied homes peaked at 50% in 2017 and 2018 before declining slightly to 46% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2010, the average home price was $105,355, which remained relatively stable until 2016. From 2017 onwards, there was a significant uptick, with prices rising to $161,809 by 2022, representing a 53.6% increase over the 2010 figure.
The relationship between federal interest rates and homeownership rates in Baylees-Atkins follows some expected patterns. The period of historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with relatively stable homeownership rates around 48-49%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 50%, suggesting other local factors may have influenced this trend.
Renter percentages in Baylees-Atkins have shown a slight overall increase from 52% in 2013 to 54% in 2022, with some fluctuations in between. Average rent prices have been more volatile than home prices. Starting at $821 in 2013, rents peaked at $935 in 2017, before declining to $839 in 2022. This represents a modest 2.2% increase over the entire period. The population of Baylees-Atkins has remained relatively stable, growing from 8,022 in 2010 to 8,892 in 2022, which may have contributed to the moderate changes in rental demand and prices.
Looking at the most recent data, average home prices in Baylees-Atkins continued their upward trajectory, reaching $167,405 in 2023 and $169,159 in 2024. This represents a 4.5% increase from 2022 to 2024. Notably, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Baylees-Atkins will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $190,000 to $200,000. Average rent prices are expected to show more modest growth, potentially reaching around $900 to $950 per month by 2029, assuming steady population growth and economic conditions.
In summary, the Baylees-Atkins neighborhood has demonstrated resilience in its housing market, with a gradual shift towards more renter-occupied units. The most significant trend has been the substantial increase in average home prices, particularly since 2017. Despite fluctuations, rental prices have remained relatively stable. The recent spike in interest rates may influence future homeownership trends and housing affordability in this Lubbock community.
