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Saint Agnes: Rising Home Values Amidst Shift to Renter-Majority Community
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
Saint Agnes, a small neighborhood in Baltimore, Maryland, has experienced significant changes in homeownership rates and housing prices over the past decade. Known for its close-knit community and proximity to Saint Agnes Hospital, this area reflects broader economic trends and local market dynamics in its housing landscape. The homeownership rate in Saint Agnes has declined notably from 2013 to 2022. In 2013, 33% of residents owned their homes, but this figure dropped to 24% by 2022. This downward trend in homeownership coincides with an increase in average home prices. By 2022, the average home price in Saint Agnes had reached $136,547. The relationship between federal interest rates and homeownership rates in Saint Agnes follows expected patterns. From 2013 to 2016, relatively low interest rates (ranging from 0.09% to 0.40%) corresponded with higher homeownership rates of around 28-33%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% by 2022, homeownership rates declined to 24%.
Conversely, the percentage of renters in Saint Agnes has increased over time. In 2013, 67% of residents were renters, and by 2022, this figure had risen to 76%. Despite the increase in the renter population, average rent prices have generally trended downward. In 2013, the average rent was $528, peaking at $528 again in 2014, before decreasing to $409 by 2022. This trend suggests that while more residents are choosing to rent, the local rental market has remained relatively affordable.
Recent data shows that average home prices in Saint Agnes continued to rise in 2023 and 2024. The average home price increased to $143,946 in 2023 and further to $150,599 in 2024. This upward trend occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates in the neighborhood.
Predictive models forecast that average home prices in Saint Agnes will continue their upward trajectory, potentially reaching around $170,000 by 2029. However, this growth may be tempered by high interest rates if they persist. For rent prices, the forecast suggests a possible stabilization or slight increase, potentially reaching an average of $450-$475 per month by 2029, assuming economic conditions remain relatively stable.
In summary, Saint Agnes has experienced a shift towards a renter-majority population over the past decade, with homeownership rates declining despite generally increasing home values. The rental market has remained relatively affordable, even as the proportion of renters has increased. Recent years have seen continued growth in home prices, occurring alongside rising interest rates, which may influence future homeownership trends in this Baltimore neighborhood.
