Thompson Creek, a small neighborhood in Claremont, California, has experienced significant changes in homeownership rates and property values over the past decade. This area, known for its high rate of owner-occupied homes, has seen a gradual decline in homeownership from 96% in 2013 to 87% in 2022. Despite this decrease, the neighborhood still maintains a remarkably high rate of owner-occupied homes compared to national averages. Concurrently, average home prices have shown a strong upward trend, rising from $572,932 in 2013 to $1,060,357 in 2022, representing an impressive 85% increase over this period.

The relationship between federal interest rates and homeownership rates in Thompson Creek reveals an interesting pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates stayed relatively stable at around 95%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline more noticeably, dropping to 87% by 2022. This trend aligns with the general economic principle that higher interest rates can make home financing less affordable, potentially discouraging homeownership.

The renter population in Thompson Creek, while small, has grown from 3% in 2013 to 12% in 2022. This increase in renters coincides with a substantial rise in average rent prices, which grew from $1,750 in 2013 to $2,536 in 2022, a 45% increase. The growth in both renter percentage and rent prices suggests an increasing demand for rental properties in the area, possibly due to the rising home prices making ownership less attainable for some residents.