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Rising Home Values and Shifting Ownership in Stop Six Sunrise Edition: A 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
Stop Six Sunrise Edition, a neighborhood in Fort Worth, Texas, has experienced significant changes in its housing market over the past decade. This area has seen notable fluctuations in homeownership rates and substantial increases in average home prices, while average rent prices have shown more modest changes. The neighborhood has witnessed a general decline in homeownership rates since 2013, with recent signs of recovery. In 2013, the homeownership rate was 52%, but it decreased to a low of 34% in 2016 and 2017. However, there has been a slight rebound in recent years, with the rate reaching 43% in 2022. This trend in homeownership has occurred alongside a substantial increase in average home prices. The average home price in Stop Six Sunrise Edition has grown dramatically from $55,420 in 2010 to $193,134 in 2022, representing a 248% increase over this period.
The relationship between federal interest rates and homeownership rates in Stop Six Sunrise Edition shows some correlation. The period of extremely low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%) coincided with a sharp decline in homeownership rates from 52% to 34%. This counterintuitive trend might suggest that other local factors were more influential in driving homeownership decisions during this time. However, as interest rates began to rise more significantly from 2017 onwards, there was a slight uptick in homeownership rates, possibly indicating that residents were motivated to purchase homes before rates increased further.
Renter percentages in Stop Six Sunrise Edition have generally mirrored the inverse of homeownership trends. The proportion of renters increased from 48% in 2013 to a peak of 66% in 2016 and 2017, before slightly decreasing to 57% in 2022. Average rent prices have shown less volatility compared to home prices, rising from $887 in 2013 to $928 in 2022, a relatively modest 4.6% increase over nine years. The population of the neighborhood has also fluctuated, growing from 2,115 in 2010 to a peak of 3,337 in 2020, before slightly declining to 3,123 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, the average home prices in Stop Six Sunrise Edition continued to rise, reaching $201,049 in 2023 and $205,190 in 2024. This represents a further 6.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends in the neighborhood.
Looking ahead, based on the historical data and current trends, we can forecast potential 5-year trends for average home and rent prices. For home prices, if the current growth rate continues, we might expect average prices to reach around $250,000 to $270,000 by 2029. However, this growth may slow down due to the higher interest rates. For rent prices, given their more modest historical increases, we might anticipate average rents to rise to approximately $1,000 to $1,100 per month by 2029, assuming similar economic conditions persist.
In summary, Stop Six Sunrise Edition has experienced a significant increase in average home prices over the past decade, coupled with fluctuations in homeownership rates. The rental market has shown more stability in terms of pricing, despite shifts in the proportion of renters. The neighborhood's housing market dynamics appear to be influenced by a complex interplay of factors, including interest rates, local economic conditions, and population changes. The continued rise in home prices, coupled with higher interest rates, may present challenges for potential homebuyers in the coming years, potentially affecting the balance between owners and renters in this Fort Worth neighborhood.
