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Scenic Bluff's Housing Evolution: Rising Home Values Amid Declining Ownership
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
Scenic Bluff, a neighborhood in Fort Worth, Texas, has undergone significant changes in its housing market over the past decade. This area has transitioned from a predominantly owner-occupied community to one with a growing renter population, while experiencing substantial increases in both average home prices and average rent prices. The shift in the housing landscape has been marked by a consistent decline in homeownership rates since 2013.
From 2013 to 2022, Scenic Bluff witnessed a dramatic decrease in homeownership rates. In 2013, 59% of residents owned their homes, but by 2022, this figure had dropped to 35%. This decline coincided with a remarkable increase in average home prices. The average home price in 2013 was $61,555, which rose steadily to reach $209,408 by 2022, representing a 240% increase over this period.
The relationship between federal interest rates and homeownership rates in Scenic Bluff appears to follow established patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable around 48%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more sharply, dropping from 44% in 2017 to 35% in 2022. This trend suggests that rising interest rates may have contributed to making homeownership less affordable for residents.
As homeownership decreased, the percentage of renters in Scenic Bluff increased from 41% in 2013 to 65% in 2022. This shift corresponded with a rise in average rent prices, which increased from $967 in 2013 to $1,151 in 2022, a 19% increase. The population fluctuated during this period, peaking at 4,257 in 2020 before settling at 4,111 in 2022, which may have influenced demand for rental properties.
In 2023 and 2024, average home prices in Scenic Bluff continued to rise, albeit at a slower pace. The average home price reached $212,124 in 2023 and $212,447 in 2024, showing a slight increase of 0.15% from 2023 to 2024. This slowing appreciation rate coincides with significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may be tempering home price growth.
Looking ahead, based on current trends, we can expect average home prices in Scenic Bluff to continue increasing, but at a more modest rate. Projecting the current trajectory, average home prices could potentially reach around $225,000 to $230,000 by 2029. Average rent prices are also likely to continue rising, potentially reaching $1,300 to $1,400 per month in the next five years, assuming the trend of increasing renter demand persists.
In summary, Scenic Bluff has undergone a significant transformation in its housing market. The neighborhood has shifted from being primarily owner-occupied to having a majority of renters, with homeownership rates decreasing by 24 percentage points from 2013 to 2022. This change has occurred alongside substantial increases in both average home prices and average rent prices. The recent slowdown in home price appreciation, coupled with high interest rates, suggests a potential stabilization in the housing market, though both home prices and rents are expected to continue their upward trajectory in the coming years.
