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Tucker's Housing Market: Rising Home Values and Stable Ownership in Georgia's Vibrant Suburb
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
Tucker, Georgia, a vibrant city in DeKalb County, has experienced steady growth in population and housing market dynamics over the past decade. Known for its diverse community and proximity to Atlanta, Tucker has maintained a relatively stable homeownership rate while seeing significant increases in average home prices and rent prices. The homeownership rate in Tucker has remained relatively steady at around 62% from 2013 to 2022. During this period, average home prices in the city have seen substantial growth. In 2013, the average home price was $154,999, which increased to $373,088 by 2022, representing a remarkable 140.7% increase over nine years. This trend suggests that despite rising home prices, Tucker has managed to maintain a consistent level of homeownership, indicating a strong local economy and desirable living conditions. Federal interest rates have played a role in homeownership trends in Tucker. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.4%), the homeownership rate remained stable at 62%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), there was a slight dip in homeownership to 61% in 2018, before returning to 62% in 2019. This resilience in homeownership rates, despite fluctuating interest rates, suggests that other factors such as local job markets and community appeal have played a significant role in maintaining Tucker's homeownership levels.
The renter population in Tucker has also seen slight variations, with the percentage of renters increasing from 37% in 2013 to 38% in 2022. Concurrently, average rent prices have shown a steady upward trend. In 2013, the average rent was $1,091, which increased to $1,319 by 2022, representing a 20.9% increase over nine years. This rise in rent prices, while significant, has been less dramatic than the increase in home prices, potentially contributing to the stability in the renter population.
In 2023 and 2024, Tucker's housing market continued its upward trajectory. The average home price reached $380,161 in 2023 and further increased to $396,790 in 2024. This represents a 6.4% increase from 2022 to 2024. Interestingly, federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007. Despite these higher interest rates, the housing market in Tucker has remained robust, indicating strong demand and economic resilience in the area.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in Tucker will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the overall appreciation of the local real estate market. However, the rate of increase for both home prices and rents may moderate compared to the rapid growth seen in recent years.
In summary, Tucker has demonstrated a remarkable balance between homeownership and rental markets over the past decade. The city has maintained stable homeownership rates despite significant increases in average home prices, indicating strong local demand and economic stability. The rental market has seen steady growth in both population and prices, albeit at a more moderate pace than home prices. With continued population growth and the city's appealing location, Tucker's real estate market is poised for further appreciation, though future trends may be influenced by broader economic factors such as interest rates and regional economic developments.
