White House, Tennessee: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
White House, Tennessee, is a growing community located in Robertson County. With a population of 14,145 in 2022, this city has experienced significant growth and changes in its housing market over the past decade. The city has seen a gradual shift in homeownership rates, along with notable fluctuations in average home prices and average rent prices.
The homeownership rate in White House has shown a declining trend over the years, while average home prices have generally increased. In 2013, the homeownership rate stood at 84%, with an average home price of $166,552. By 2022, the homeownership rate had decreased to 75%, while the average home price had risen substantially to $386,742. This inverse relationship suggests that as home prices increased, fewer residents were able to afford homeownership, leading to a shift towards renting.
Federal interest rates have played a role in shaping homeownership trends in White House. From 2013 to 2016, when interest rates were relatively low (ranging from 0.11% to 0.40%), the homeownership rate remained stable at around 83-84%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate declined to 75%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in White House has increased as homeownership rates declined. In 2013, only 16% of residents were renters, with an average rent of $1,028. By 2022, the renter percentage had grown to 25%, with the average rent fluctuating over the years. Interestingly, despite the increase in renters, the average rent in 2022 was $1,001, slightly lower than in 2013. This could be attributed to an increase in rental unit supply to meet growing demand, potentially moderating rent prices.
Looking at the most recent data, the average home price in White House for 2023 was $387,762, showing a slight increase from 2022. In 2024, the average home price has further risen to $390,415. These figures indicate a continuing upward trend in home values. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in White House will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $425,000 to $450,000 by 2029. Average rent prices are expected to increase moderately, potentially reaching $1,200 to $1,300 per month in the same timeframe, assuming continued population growth and demand for rental properties.
In summary, White House has experienced a notable shift from homeownership to renting over the past decade, driven by rising home prices and fluctuating interest rates. The inverse relationship between homeownership rates and average home prices, coupled with the impact of federal interest rates, has shaped the city's housing market dynamics. As the city continues to grow, it will likely face ongoing challenges in balancing affordable housing options with rising property values and changing demographic needs.
