The Farmview/Ramble neighborhood in Blacksburg, Virginia, has undergone significant changes in its housing market over the past decade. This area, situated in a college town, has experienced a shift towards a predominantly renter-occupied market, with rising home prices and rents characterizing its evolution. From 2013 to 2022, homeownership rates in the neighborhood declined from 36% to 26%, a 10 percentage point decrease. Concurrently, average home prices saw a substantial increase, rising from $186,263 in 2015 to $295,574 in 2022, marking a 58.7% increase over seven years. This inverse relationship between homeownership rates and average home prices suggests that escalating property values may have made homeownership less attainable for many residents.

The fluctuations in federal interest rates have played a role in shaping homeownership trends in Farmview/Ramble. Between 2013 and 2016, interest rates remained low, ranging from 0.09% to 0.4%, which typically encourages homeownership. However, the neighborhood's homeownership rate continued to decline during this period, dropping from 36% to 31%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), the homeownership rate further decreased to 28%. This trend indicates that other factors, such as rising home prices and the neighborhood's proximity to a university, may have had a stronger influence on homeownership rates than interest rates alone.

The renter population in Farmview/Ramble has grown considerably, increasing from 64% in 2013 to 74% in 2022. This shift has been accompanied by a sharp rise in average rent prices. In 2013, the average rent was $520, but by 2022, it had more than doubled to $1,170, representing a 125% increase. The growing renter population, coupled with rising rent prices, indicates a strong demand for rental properties in the area. This trend may be influenced by the neighborhood's proximity to Virginia Tech, attracting students and young professionals who prefer renting.