Worthington, a vibrant city in Minnesota known for its rich agricultural heritage and diverse community, has experienced notable shifts in its housing landscape over the past decade. From 2013 to 2022, Worthington's homeownership rate fluctuated but ultimately increased. In 2013, 63% of residents owned their homes. This figure dipped to 61% in 2017 and 2019 but rebounded strongly to reach 67% by 2022. This upward trend in homeownership coincided with a significant rise in average home prices. In 2013, the average home price in Worthington was $115,946. By 2022, this figure had nearly doubled to $210,729, representing an impressive 81.7% increase over nine years.

The relationship between federal interest rates and homeownership rates in Worthington reveals an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable, hovering between 61% and 63%. However, as interest rates began to rise more sharply in 2022 to 1.68%, homeownership surprisingly increased to 67%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends during this period.

Renter percentages in Worthington showed a slight downward trend from 2013 to 2022, moving from 37% to 33%. Interestingly, average rent prices experienced significant fluctuations during this period. In 2013, the average rent was $688. It peaked at $976 in 2016, representing a 41.9% increase in just three years. However, by 2022, average rent had moderated to $852, still 23.8% higher than the 2013 level but lower than the 2016 peak.