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Show Low, Arizona: Rising Home Values and Ownership Trends in a Picturesque City
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
Show Low, Arizona, a picturesque city in Navajo County, is known for its cool climate and outdoor recreational opportunities. Over the past decade, Show Low has experienced significant changes in homeownership rates and housing prices. The city has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices. From 2013 to 2022, Show Low saw a notable increase in homeownership rates. The percentage of owner-occupied homes rose from 68% in 2013 to 72% in 2022. This upward trend in homeownership coincided with a substantial increase in average home prices. In 2013, the average home price in Show Low was $169,027. By 2022, this figure had more than doubled to $419,556, representing a 148% increase over nine years. The relationship between federal interest rates and homeownership rates in Show Low appears to follow the general trend of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates in Show Low stayed relatively stable, hovering around 64-65%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, Show Low actually saw an increase in homeownership from 64% in 2017 to 72% in 2022. This suggests that other local factors may have played a more significant role in driving homeownership in Show Low during this period.
The rental market in Show Low has shown interesting trends as well. The percentage of renter-occupied housing units decreased from 32% in 2013 to 28% in 2022. Despite this decrease in the proportion of renters, average rent prices generally increased over the same period. In 2013, the average rent was $857 per month. By 2022, it had risen to $962, an increase of 12.3%. However, it's worth noting that rent prices peaked at $1,084 in 2021 before declining slightly in 2022.
Looking at the most recent data, the average home price in Show Low for 2023 was $418,542, showing a slight decrease from 2022. However, in 2024, the average home price has increased to $431,234, indicating a rebound in the housing market. Interestingly, federal interest rates have continued to rise, reaching 5.33% in 2024, which is the highest level in over a decade.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Show Low to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach around $500,000 by 2029. For rent prices, the trend suggests a more moderate increase, potentially reaching an average of $1,100 to $1,200 per month by 2029.
In summary, Show Low has experienced a significant increase in homeownership rates and average home prices over the past decade. The rental market has seen a decrease in the proportion of renters, but average rent prices have generally increased. Despite rising interest rates, the housing market in Show Low appears to remain strong, with homeownership rates and home prices continuing to climb. These trends suggest that Show Low remains an attractive location for both homeowners and investors, with potential for continued growth in the coming years.
