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Walnut Ridge in 2022: Neighborhood with the Largest Increase in Owner-Occupied Housing, Iowa
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Top Regions
DATA
Percent Owner Occupied
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Top Regions
Percent Owner Occupied
Walnut Ridge, a neighborhood in Iowa City, Iowa, has emerged as a notable area of interest due to its significant increase in owner-occupied housing over recent years. As of 2022, this neighborhood has demonstrated the most substantial growth in homeownership rates among Iowa City's residential areas, marking a significant shift in its housing landscape.
The data reveals a remarkable transformation in Walnut Ridge's housing tenure. In 2013, the percentage of owner-occupied housing in the neighborhood stood at a mere 6.14%. However, by 2022, this figure had skyrocketed to 41.17%, representing a dramatic increase of 35.03 percentage points over a nine-year period. This substantial growth in homeownership rates signifies a fundamental change in the neighborhood's residential composition and potentially its socio-economic dynamics.
The trajectory of this increase is particularly noteworthy. While the growth in owner-occupied housing was gradual from 2013 to 2019, with small year-over-year increases, a significant jump occurred between 2019 and 2020. The percentage of owner-occupied housing leaped from 9.78% in 2019 to 47.2% in 2020, nearly a fivefold increase in a single year. This abrupt change suggests a possible major development or policy shift affecting housing in the Walnut Ridge area during this period.
To understand the context of this substantial increase in homeownership, it's important to examine other relevant demographic and economic factors in Walnut Ridge. The neighborhood has experienced significant population growth, with the number of residents increasing from 1,286 in 2013 to 2,009 in 2022. This population expansion aligns with the rise in homeownership, suggesting a growing attractiveness of the area to potential homebuyers.
Interestingly, the median income in Walnut Ridge has shown considerable fluctuation over the years. In 2013, the median income was $61,682, which rose steadily to $73,103 by 2018. However, there was a dramatic increase to $127,846 in 2020, coinciding with the sharp rise in homeownership rates. By 2022, the median income slightly decreased but remained high at $123,758. This substantial increase in median income could be a contributing factor to the rise in homeownership, as higher incomes generally correlate with greater ability to purchase homes.
The racial composition of Walnut Ridge has also undergone changes during this period. The percentage of white residents decreased from 51.17% in 2013 to 70.48% in 2022, while the Asian population fluctuated, starting at 35.15% in 2013, peaking at 43.29% in 2014, and then decreasing to 21.40% by 2022. These demographic shifts occurred alongside the increase in homeownership, potentially reflecting changing neighborhood dynamics and preferences.
It's worth noting that while homeownership increased, the percentage of renter-occupied housing decreased from 72.47% in 2013 to 58.73% in 2022. This inverse relationship between owner-occupied and renter-occupied housing suggests a shift in the neighborhood's housing market, with more properties transitioning from rental units to owner-occupied homes.
In conclusion, Walnut Ridge in Iowa City has experienced a remarkable increase in owner-occupied housing from 2013 to 2022, with the most dramatic change occurring between 2019 and 2020. This trend has been accompanied by significant population growth, a substantial increase in median income, and shifts in racial demographics. These factors collectively paint a picture of a neighborhood undergoing rapid transformation, with homeownership at the forefront of this change. The data suggests that Walnut Ridge has become increasingly attractive to homebuyers, potentially due to economic improvements and changing neighborhood characteristics.
