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Rising Home Values in Lincolnshire: A Stable Evansville Neighborhood Defies Interest Rate Changes
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Lincolnshire, a neighborhood in Evansville, Indiana, has experienced significant changes in its real estate market over the past decade. The area has seen fluctuations in homeownership rates, ranging from 63% to 69%, while average home prices have consistently increased. This analysis examines the interplay between home values, ownership rates, and other economic factors in Lincolnshire.
The relationship between homeownership rates and average home prices in Lincolnshire reveals an intriguing pattern. In 2013, the homeownership rate was 65% with an average home price of $128,303. As home prices steadily increased to $154,095 in 2018, homeownership rose to 69%. However, by 2021, despite average home prices reaching $191,388, homeownership decreased to 63%. This trend suggests that rising home prices may have made homeownership less accessible for some residents.
Federal interest rates have played a crucial role in homeownership trends in Lincolnshire. In 2013, when interest rates were at 0.11%, homeownership stood at 65%. As rates remained low through 2020 (0.38%), homeownership increased to 69%. However, the sharp rise in interest rates to 1.68% in 2022 coincided with a slight decrease in homeownership to 66%, indicating that higher borrowing costs may have deterred some potential buyers.
Renter percentages and average rent prices in Lincolnshire have shown some correlation over the years. In 2013, with 35% of residents renting, the average rent was $696. As the renter population fluctuated, reaching a low of 31% in 2018, average rent increased to $721. By 2021, the renter percentage rose to 37%, coinciding with a significant jump in average rent to $818. This data suggests that increased demand for rentals may have driven up prices.
In 2023, average home prices in Lincolnshire reached $228,017, with federal interest rates at 5.02%. Moving into 2024, home prices have further increased to $236,183, while interest rates have slightly risen to 5.33%. These figures represent a continuation of the upward trend in both home prices and interest rates observed in recent years.
Looking ahead, predictive models suggest that average home prices in Lincolnshire are likely to continue their upward trajectory over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $900 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, Lincolnshire has experienced a notable increase in average home prices over the past decade, with some fluctuations in homeownership rates. The rental market has seen varying demand and steadily increasing average rents. The interplay between federal interest rates, home prices, and homeownership rates highlights the complex dynamics of the local real estate market. As we move forward, both the ownership and rental markets in Lincolnshire are poised for continued growth and evolution.
