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Au Sable Forks: Rising Home Values and Ownership Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Au Sable Forks, located in New York, is a small community that has experienced significant fluctuations in its housing market over the past decade. The city, spanning 2.48 square miles, has seen notable changes in homeownership rates, average home prices, and average rent prices. This analysis will explore these trends and their interrelationships.
Homeownership in Au Sable Forks has shown a general upward trend since 2013. The percentage of owner-occupied housing units increased from 71% in 2013 to 83% in 2022. This substantial rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $90,103, and by 2022, it had risen to $173,187, representing a 92% increase over this period.
The trend in homeownership rates appears to have been influenced by federal interest rates. As interest rates remained historically low between 2013 and 2021, ranging from 0.08% to 0.4%, homeownership became more attractive due to more affordable financing options. This period saw the most significant increase in homeownership, from 71% in 2013 to 85% in 2021.
Conversely, the percentage of renters in Au Sable Forks has decreased over time, from 29% in 2013 to 17% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $889 in 2013 to $825 in 2022, with some fluctuations in between. Notably, there was a peak in average rent at $1,028 in 2021, coinciding with the highest homeownership rate of 85%.
In 2023 and 2024, Au Sable Forks continued to see growth in average home prices. The average home price reached $181,217 in 2023 and further increased to $186,614 in 2024. This upward trend occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends in the area.
Looking ahead, based on the historical data and current trends, we can project continued growth in average home prices for Au Sable Forks over the next five years. If the current trajectory holds, average home prices could potentially reach around $220,000 by 2029. As for average rent prices, the trend is less clear due to recent fluctuations. However, if the overall upward trend continues, we might see average rents approaching $1,100 to $1,200 per month by 2029.
In summary, Au Sable Forks has experienced a significant increase in homeownership rates and average home prices over the past decade, largely influenced by favorable interest rates. The rental market has seen a decrease in the percentage of renters but an overall increase in average rent prices. Recent rises in interest rates and continued growth in home prices suggest a potentially changing landscape for the housing market in this New York community in the coming years.
