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Auburn's Rising Home Values and Shifting Ownership: A Decade of Housing Market Evolution
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
Auburn, New York, located in the picturesque Finger Lakes region, is a city rich in history and cultural significance. Known for its beautiful architecture and as the home of abolitionist Harriet Tubman, Auburn has experienced notable shifts in its housing market over the past decade. The city has seen a gradual increase in average home prices and rent, while homeownership rates have slightly declined.
The homeownership rate in Auburn has shown a modest downward trend from 2013 to 2022. In 2013, 47% of housing units were owner-occupied, and this figure remained relatively stable until 2021 when it dropped to 46%. By 2022, the homeownership rate further decreased to 45%. Concurrently, average home prices have steadily increased. In 2013, the average home price was $117,811, and by 2022, it had risen to $178,587, representing a substantial 51.6% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in Auburn. From 2013 to 2016, interest rates remained extremely low, hovering around 0.1-0.4%. During this period, homeownership rates in Auburn remained stable at around 47%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a slight decrease in homeownership rates to 45%. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The percentage of renters in Auburn has shown a gradual increase, rising from 52% in 2013 to 55% in 2022. This trend coincides with an upward trajectory in average rent prices. In 2013, the average rent was $760, which increased to $844 by 2022, marking an 11% rise. The growing renter population, combined with a slight decrease in overall population from 27,571 in 2013 to 26,674 in 2022, suggests a shift in housing preferences or affordability concerns in the city.
In 2023, the average home price in Auburn reached $189,381, continuing the upward trend. By 2024, it further increased to $199,547, representing a 5.4% year-over-year growth. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and affordability in the housing market.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Auburn will continue to rise over the next five years, potentially reaching around $240,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $950 by 2029. These projections assume a continuation of current economic conditions and housing market trends.
In summary, Auburn has experienced a gradual shift towards a renter-majority market, with homeownership rates slightly declining as average home prices and rents have increased. The interplay between federal interest rates, housing affordability, and changing demographics has shaped these trends. As the city moves forward, balancing housing affordability with market growth will be crucial for maintaining a diverse and vibrant community.
