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Roosevelt Park: Home Values and Ownership Trends Reflect Dynamic Real Estate Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Roosevelt Park, a neighborhood in San Antonio, Texas, has experienced notable changes in its housing market over the past decade. The area has seen a general trend of increasing homeownership rates and rising average home prices, while average rent prices have fluctuated. This analysis examines the dynamic relationship between property values, homeownership, and economic factors in Roosevelt Park.
From 2013 to 2018, Roosevelt Park witnessed a significant increase in homeownership rates, rising from 60% to 67%. This period coincided with a dramatic surge in average home prices, which more than doubled from $65,083 in 2013 to $138,023 in 2018. This trend suggests a strong correlation between rising property values and increased homeownership in the neighborhood.
The relationship between federal interest rates and homeownership rates in Roosevelt Park follows a typical pattern. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates increased from 60% to 65%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Roosevelt Park have fluctuated inversely to homeownership rates. In 2013, 40% of residents were renters, which decreased to 33% by 2018 as homeownership increased. Average rent prices during this period showed some volatility, starting at $809 in 2013, dropping to $717 in 2016, and then rising again to $775 in 2018. Interestingly, the population increased from 4,204 in 2013 to 4,400 in 2018, which may have contributed to the upward pressure on rent prices despite the decreasing percentage of renters.
In 2023 and 2024, Roosevelt Park experienced a shift in housing market dynamics. The average home price in 2023 was $204,845, showing a slight decrease from the 2022 average of $214,402. This trend continued into 2024, with average home prices further declining to $192,224. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which likely contributed to the cooling of the housing market.
Looking ahead, based on recent trends and market conditions, we can project potential scenarios for the next five years. Average home prices may initially stabilize or experience modest growth as the market adjusts to higher interest rates. By 2029, average home prices could potentially reach around $220,000 to $230,000, assuming a gradual recovery and moderate economic growth. Average rent prices, which stood at $785 in 2022, may continue to rise steadily, potentially reaching $850 to $900 by 2029, driven by ongoing demand for rental properties in the area.
In summary, Roosevelt Park has demonstrated a dynamic housing market over the past decade, characterized by increasing homeownership rates and rising property values until recent years. The neighborhood has shown resilience to market fluctuations, with homeownership rates and property values generally trending upward despite periodic economic challenges. The recent cooling in the housing market, influenced by rising interest rates, presents a new phase in the neighborhood's development, with potential for stabilization and moderate growth in the coming years.
