Centennial Park, a neighborhood in Englewood, Colorado, has demonstrated remarkable resilience in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and rental market dynamics from 2013 to 2024, highlighting the neighborhood's adaptability to changing economic conditions. The relationship between homeownership rates and average home prices in Centennial Park reveals an intriguing pattern. In 2013, the homeownership rate was 63% with an average home price of $196,317. As average home prices steadily increased, reaching $321,775 in 2017, the homeownership rate also rose to 65%. This positive correlation continued, with homeownership peaking at 70% in 2021 when the average home price reached $462,754. However, 2022 saw a slight decline in homeownership to 64%, despite the average home price climbing to $516,597, suggesting a potential shift in affordability or market dynamics.

Federal interest rates have played a significant role in homeownership trends. From 2013 to 2021, historically low interest rates, ranging from 0.11% to 0.08%, likely contributed to the increasing homeownership percentages observed during this time by making mortgage financing more accessible. The slight dip in homeownership in 2022 coincided with a rise in interest rates to 1.68%, potentially impacting affordability for some buyers.

Rental market trends in Centennial Park have shown distinct patterns. In 2013, 37% of residents were renters, with an average rent of $1,295. As the population grew from 4,415 in 2013 to 4,952 in 2019, the renter percentage fluctuated, reaching 40% in 2018 with an average rent of $1,431. Interestingly, the renter percentage decreased to 30% in 2021, even as the average rent rose to $1,517, suggesting a shift towards homeownership during this period. By 2022, the renter percentage increased slightly to 36%, with the average rent at $1,472.