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Waco, Georgia: A Decade of Rising Home Values and Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Waco, a small city in Georgia, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the city's evolving real estate landscape. From 2013 to 2022, Waco saw a substantial increase in homeownership rates, rising from 55% to 78%. During this same period, average home prices also saw a dramatic upward trend. In 2014, the average home price in Waco was $74,048, which more than doubled to $196,812 by 2022. This strong positive correlation between homeownership rates and average home prices suggests that as property values increased, more residents were motivated or able to purchase homes.
The relationship between federal interest rates and homeownership rates in Waco presents an interesting case. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates continued to climb steadily. This trend accelerated even as interest rates began to rise, with homeownership reaching 79% in 2021 when rates were at 0.08%, and maintaining a high level of 78% in 2022 when rates increased to 1.68%.
Conversely, the percentage of renters in Waco decreased from 45% in 2013 to 22% in 2022. Interestingly, average rent prices showed an overall upward trend during this period, rising from $711 in 2013 to $844 in 2022, despite some fluctuations. This suggests that while fewer residents were renting, those who did were paying higher prices, possibly due to increased demand for a smaller pool of rental properties or improvements in the quality of available rentals.
In 2023, the average home price in Waco reached $200,453, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $211,901, while interest rates have risen slightly to 5.33%. These figures indicate a continued upward trend in home values, even as interest rates have reached their highest levels in over a decade.
Looking ahead, based on the observed trends, we can project that average home prices in Waco may continue to rise over the next five years, potentially reaching around $250,000 by 2029. Average rent prices could also see a moderate increase, possibly reaching $950-$1,000 per month in the same timeframe. However, these projections assume relatively stable economic conditions and no major disruptions to the local housing market.
In summary, Waco has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in both average home prices and rent prices. The resilience of the homeownership trend, even in the face of rising interest rates, suggests a strong local housing market. As the city continues to grow and evolve, these trends are likely to shape its real estate landscape for years to come.
