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Rising Home Values and Shifting Ownership in Union City, Georgia: 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
Union City, Georgia, a vibrant community in the Atlanta metropolitan area, has experienced significant growth and development over the past decade. The city's population increased from 33,845 in 2010 to 47,410 in 2022, accompanied by notable shifts in homeownership rates and housing prices. These changes reflect the dynamic nature of Union City's real estate market.
The homeownership rate in Union City has shown a fluctuating trend over the years. In 2013, the city had a homeownership rate of 62%, which gradually decreased to 50% by 2019. However, there has been a slight rebound in recent years, with the rate increasing to 55% in 2022. This trend correlates interestingly with the average home prices in the area. In 2013, the average home price was $53,156, which steadily increased to $240,479 by 2022, representing a remarkable 352% increase over nine years.
The relationship between federal interest rates and homeownership rates in Union City follows a general trend observed in many areas. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), the homeownership rate in Union City actually declined from 62% to 56%. This unexpected trend could be attributed to other local economic factors or housing market conditions specific to Union City. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate stabilized and even showed a slight increase, reaching 55% in 2022.
The rental market in Union City has also seen significant changes. The percentage of renters increased from 34% in 2013 to 46% in 2019, before slightly decreasing to 45% in 2022. During this period, the average rent price fluctuated, starting at $1,121 in 2013, dropping to $1,070 in 2016, and then rising again to $1,086 in 2022. The increase in the renter population, coupled with the city's overall population growth, likely contributed to the upward pressure on rent prices despite some fluctuations.
As of 2024, the average home price in Union City stands at $250,324, showing a continued upward trend from previous years. The federal interest rate has also increased significantly, reaching 5.33% in 2024. This higher interest rate environment may impact future homeownership trends and housing affordability in the city.
Looking ahead, based on the historical data and current trends, we can project potential scenarios for the next five years. If the current trajectory continues, average home prices in Union City could potentially reach around $300,000 by 2029. However, this growth rate may moderate due to the higher interest rate environment. Average rent prices might continue to increase moderately, potentially reaching $1,200-$1,300 per month by 2029, assuming steady population growth and demand for rental properties.
In summary, Union City has experienced significant changes in its housing market over the past decade. The city has seen a substantial increase in average home prices, a fluctuating but recently stabilizing homeownership rate, and a growing renter population with moderately increasing rent prices. These trends reflect the city's growth and the evolving dynamics of its real estate market. The interplay between population growth, housing prices, and interest rates will continue to shape Union City's housing landscape in the coming years.
