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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Riggs Ranch Meadows in Chandler, Arizona, has experienced significant changes in homeownership rates and property values over the past decade. This neighborhood has shown a strong trend towards owner-occupied housing, accompanied by increases in average home prices and rent values. The ownership percentage in Riggs Ranch Meadows has risen remarkably, from 91% in 2013 to a peak of 97% in 2021. This increase coincided with substantial growth in average home prices, which climbed from $364,451 in 2013 to $780,825 in 2022, representing a 114% increase over nine years. This trend suggests a strong correlation between rising homeownership rates and increasing property values in the neighborhood. Federal interest rates have played a significant role in shaping homeownership trends in Riggs Ranch Meadows. From 2013 to 2020, historically low interest rates, ranging from 0.09% to 0.38%, likely contributed to increasing homeownership rates. As interest rates remained low, more residents were able to afford mortgages, driving up demand for homes and, subsequently, home prices. This relationship is evident in the sharp increase in homeownership from 91% in 2013 to 97% in 2020, corresponding with the low interest rate environment.
The renter population in Riggs Ranch Meadows has inversely mirrored the homeownership trend, decreasing from 9% in 2013 to just 3% in 2021. Despite this decline, average rent prices have shown a general upward trajectory, increasing from $2,249 in 2013 to $3,050 in 2021, a 35.6% increase. This trend suggests that while fewer properties are available for rent, those that are have become more valuable, possibly due to increased demand among the smaller renter population or overall property value appreciation in the area. As of 2024, the average home price in Riggs Ranch Meadows stands at $774,521, showing a slight increase from the 2023 value of $745,494. This recent uptick occurs despite the federal interest rate rising to 5.33% in 2024, up from 5.02% in 2023. These figures indicate a resilient housing market in the neighborhood, maintaining strong property values even in the face of higher borrowing costs. Looking ahead, predictive models suggest that average home prices in Riggs Ranch Meadows may continue to rise over the next five years, albeit at a more moderate pace. The average home price could potentially reach around $850,000 by 2029, assuming current economic conditions persist. Rent prices are also expected to follow an upward trajectory, potentially reaching an average of $3,500 per month in the same timeframe. In summary, Riggs Ranch Meadows has demonstrated a clear trend towards increased homeownership and property values over the past decade. The neighborhood has shown resilience to rising interest rates, maintaining strong home prices. The inverse relationship between homeownership and rental rates, coupled with rising property values, suggests a highly desirable location with limited rental inventory. These trends point to a continued strong housing market in Riggs Ranch Meadows, with potential for further appreciation in both home values and rental rates in the coming years.