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Warwick, Georgia: Home Values and Ownership Trends in a Small City with Resilient Housing Market
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
Warwick, a small city in Georgia, has experienced notable fluctuations in its housing market over the past decade. The city's homeownership rates and average home prices have shown interesting trends, while rental markets have also seen significant changes.
Homeownership in Warwick has fluctuated between 70% and 83% from 2013 to 2022. The city saw its highest homeownership rate of 83% in 2014, coinciding with an average home price of $161,452. Interestingly, as average home prices increased to $238,771 by 2022, the homeownership rate slightly decreased to 76%. This suggests that rising home prices may have made homeownership less attainable for some residents.
Federal interest rates have played a role in homeownership trends in Warwick. The period from 2013 to 2016 saw consistently low interest rates below 0.5%, which likely contributed to the relatively high homeownership rates during this time, ranging from 72% to 83%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some volatility but generally remained above 70%.
Renter percentages in Warwick have inversely mirrored homeownership rates, ranging from 17% to 30% between 2013 and 2022. Average rent prices have shown an overall upward trend, increasing from $466 in 2013 to $731 in 2022, representing a 57% increase over this period. Notably, the renter percentage peaked at 30% in 2017 and 2019, coinciding with relatively stable average rent prices around $620-$626.
In 2023, the average home price in Warwick reached $239,151, showing a slight increase from the previous year. This trend continued into 2024, with average home prices rising to $246,507. Interestingly, federal interest rates also saw a significant increase, reaching 5.02% in 2023 and further climbing to 5.33% in 2024. These higher interest rates may impact future homeownership trends in the city.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in Warwick will continue to rise moderately over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $800 per month within the same timeframe. However, the pace of these increases may be tempered by the higher interest rates, which could slow down both home purchases and rental demand.
In summary, Warwick's housing market has demonstrated resilience with generally high homeownership rates despite rising home prices. The rental market has seen steady growth in prices, reflecting increased demand. The recent spike in interest rates, coupled with continuing increases in home prices, may present challenges for potential homebuyers in the coming years, potentially leading to a slight shift towards renting. However, the city's housing market appears poised for continued growth, albeit at a potentially moderated pace.
