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Westcliff West: Rising Home Values and Ownership Rates in Fort Worth's Resilient Neighborhood
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
Westcliff West, a neighborhood in Fort Worth, Texas, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in the rental market.
From 2013 to 2022, Westcliff West saw a notable increase in homeownership rates, rising from 79% to 84%. This upward trend in ownership coincided with a substantial growth in average home prices. In 2013, the average home price in the neighborhood was $359,870, which steadily climbed to reach $621,520 by 2022, representing an impressive 72.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Westcliff West appears to follow the general economic principle that lower interest rates encourage homeownership. For instance, when interest rates were historically low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates in the neighborhood increased from 79% to 89%. This trend suggests that the favorable borrowing conditions likely contributed to the rise in homeownership during this period.
Renter percentages in Westcliff West have generally decreased as homeownership rates increased. In 2013, renters occupied 16% of housing units, which decreased to 9% by 2016. However, there was a slight uptick to 16% by 2022. Average rent prices have shown volatility over the years. In 2013, the average rent was $1,739, which decreased to $1,197 in 2016 before rising again to $2,110 in 2022. This represents a 21.3% increase in average rent from 2013 to 2022, despite the fluctuations in between.
As of 2024, the average home price in Westcliff West has reached $679,683, showing a continued upward trend from the 2022 figures. This represents a 9.4% increase from 2022 to 2024. The current federal interest rate in 2024 stands at 5.33%, which is significantly higher than the rates seen in the early 2020s. This increase in interest rates could potentially impact future homeownership trends in the neighborhood.
Looking ahead, based on the historical data and current trends, we can project that average home prices in Westcliff West may continue to rise over the next five years, potentially reaching around $800,000 by 2029 if the current growth rate persists. Average rent prices, which have shown more volatility, might stabilize around $2,500 per month, assuming a moderate increase from the 2022 levels.
In summary, Westcliff West has demonstrated a strong trend towards homeownership over the past decade, with significant appreciation in average home values. The rental market, while smaller, has also seen overall growth in prices despite some fluctuations. The neighborhood's real estate market appears robust, with continued growth expected in both the ownership and rental sectors, although future interest rate changes may influence these trends.
