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Wilbur II: Rising Home Values and Ownership Rates in a Resilient Trenton Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Wilbur II, a neighborhood in Trenton, New Jersey, has experienced significant changes in homeownership rates and housing prices over the past decade. From 2013 to 2022, homeownership rates increased from 62% to 77%, while average home prices saw substantial growth. This urban area's housing market has demonstrated resilience and attractiveness to potential homeowners.
The relationship between homeownership rates and average home prices in Wilbur II has been dynamic. In 2013, with a 62% homeownership rate, the average home price was $58,336. As homeownership increased to 73% in 2016, average home prices slightly decreased to $59,843. However, from 2017 onwards, both homeownership rates and average home prices showed a consistent upward trend. By 2022, with a homeownership rate of 77%, the average home price had risen to $142,289, representing a substantial increase of 144% from 2013.
Federal interest rates have influenced homeownership trends in Wilbur II. During periods of low interest rates, such as from 2013 to 2016 when rates remained below 0.5%, homeownership rates increased from 62% to 73%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates fluctuated but generally maintained an upward trajectory, reaching 77% in 2022. This suggests that local factors may have had a stronger influence on homeownership than interest rates alone.
Renter percentages and average rent prices in Wilbur II have shown an inverse relationship to homeownership rates. As homeownership increased, the percentage of renters decreased from 38% in 2013 to 23% in 2022. Despite this decline in renter population, average rent prices have generally trended upwards. In 2013, the average rent was $1,267, rising to $1,509 in 2017 before settling at $1,403 in 2022. This increase in rent prices, despite a smaller renter population, may indicate a tightening rental market or improved quality of available rental properties.
In 2023, the average home price in Wilbur II reached $162,280, with federal interest rates at 5.02%. By 2024, the average home price further increased to $173,396, while interest rates slightly rose to 5.33%. These figures represent a continuation of the upward trend in home prices, despite higher interest rates which typically make home financing more expensive.
Looking ahead, predictive models suggest that average home prices in Wilbur II may continue to rise over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,600 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Wilbur II has experienced a significant shift towards homeownership over the past decade, accompanied by substantial growth in average home prices. Despite higher interest rates in recent years, the trend towards homeownership has persisted. The rental market, while shrinking in terms of population, has seen increases in average rent prices. These trends reflect a changing housing landscape in Wilbur II, with implications for both current and future residents.
