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Rising Home Values and Shifting Ownership in Story Hill: A Decade of Change
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
Story Hill, a neighborhood in Milwaukee, Wisconsin, has experienced significant changes in homeownership and housing prices over the past decade. The area has seen a general decline in owner-occupied homes, accompanied by steady increases in average home prices and rent costs. This analysis examines these trends and their implications for the neighborhood's housing market. The homeownership rate in Story Hill has shown a declining trend over the years. In 2013, 57% of homes were owner-occupied, but this figure dropped to 45% by 2021, with a slight increase to 50% in 2022. Concurrently, average home prices have risen substantially. The average home price in 2013 was $172,751, which increased steadily to reach $284,482 by 2022, representing a 64.7% increase over this period. The relationship between federal interest rates and homeownership rates in Story Hill shows some correlation. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable at around 55-58%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates started to decline more rapidly, reaching a low of 45% in 2021 when interest rates were at 0.08%.
The percentage of renters in Story Hill has generally increased over time. In 2013, 43% of homes were renter-occupied, which rose to 54% by 2021, before settling at 50% in 2022. This trend aligns with the rise in average rent prices. The average rent increased from $740 in 2013 to $1,018 in 2022, a substantial 37.6% increase. The population of Story Hill has fluctuated over this period, peaking at 1,906 in 2015 and declining to 1,653 by 2022, which may have influenced the rental market dynamics.
In 2023 and 2024, the upward trend in average home prices continued in Story Hill. The average home price reached $305,189 in 2023 and further increased to $325,007 in 2024. This represents a 14.2% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.
Looking ahead, based on the observed trends, it is predicted that average home prices in Story Hill will continue to rise over the next five years, potentially reaching around $400,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,200 per month within the same timeframe. However, the rate of increase may slow down if interest rates remain high, potentially affecting affordability and demand.
In summary, Story Hill has experienced a shift towards more renter-occupied housing, coinciding with substantial increases in both average home prices and average rent costs. The neighborhood has shown resilience in its property values, with consistent growth even in the face of fluctuating population numbers and rising interest rates. These trends suggest that Story Hill remains an attractive area for both residents and investors, with the potential for continued growth in property values in the coming years.
