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Rising Home Values and Shifting Ownership in Upland Park, Avondale: 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
Upland Park, located in Avondale, Arizona, is a vibrant neighborhood that has experienced significant demographic and real estate changes over the past decade. This area has seen fluctuations in homeownership rates, with a general trend towards increased renting in recent years. Average home prices have shown substantial growth, while average rent prices have also increased, albeit at a more moderate pace.
The relationship between homeownership rates and average home prices in Upland Park reveals an interesting dynamic. In 2013, the homeownership rate was 67%, with an average home price of $143,104. As average home prices steadily increased, reaching $217,080 in 2018, the homeownership rate decreased to 59%. This trend continued through 2022, with the homeownership rate falling to 56% while average home prices surged to $408,640. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Upland Park. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 64-67%. However, as interest rates began to rise more steadily from 2017 (1.00%) to 2019 (2.16%), homeownership rates declined to 61%. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a brief increase in homeownership to 65% in 2020, before declining again as rates began to rise in 2022.
The renter population in Upland Park has shown an overall increasing trend, accompanied by rising average rent prices. In 2013, 33% of residents were renters, with an average rent of $1,292. By 2022, the renter percentage had increased to 44%, while the average rent rose to $1,772. This represents a significant 37% increase in average rent over nine years. The population growth from 437 in 2013 to 895 in 2022 likely contributed to the increased demand for rental properties, pushing both renter percentages and rent prices upward.
In 2023 and 2024, Upland Park experienced a slight decline in average home prices, with values of $383,426 and $391,946 respectively. This represents a 6.2% decrease from the 2022 peak of $408,640. Interestingly, this decline occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests that other local or regional factors may be influencing the housing market in Upland Park.
Looking ahead, predictive models suggest that average home prices in Upland Park may continue to experience moderate growth over the next five years, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $2,000 per month in the same timeframe. These projections assume relatively stable economic conditions and continued population growth in the area.
In summary, Upland Park has experienced a shift towards a higher percentage of renters, driven by rising home prices and fluctuating interest rates. The neighborhood has seen substantial growth in both population and property values, with average home prices more than tripling from 2010 to 2022. Despite a recent slight decline in home prices, the overall trend suggests continued growth in both the housing and rental markets, making Upland Park an area of interest for both residents and investors in the coming years.
