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Bayville: Rising Home Values and Strong Ownership in a Coastal New York Community
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
Bayville, located in New York, is a charming coastal community with a population of 5,813 as of 2022. This small village, spanning just 1.46 square miles, has experienced notable trends in homeownership and housing prices over the past decade. The ownership percentage has remained relatively high, while average home and rent prices have shown a general upward trajectory.
The homeownership rate in Bayville has fluctuated but maintained a strong majority. In 2013, 84% of residents owned their homes. This percentage remained stable until 2020 when it increased to 86%. By 2022, homeownership reached 88%, indicating a growing preference for ownership in the community. Concurrently, average home prices have shown a steady increase. In 2013, the average home price was $473,743, rising to $589,597 in 2020, and further climbing to $672,684 in 2022. This represents a substantial 42% increase in average home prices over a decade.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 0.38%. This period coincided with the increase in homeownership from 84% to 86%. The low interest rates likely made mortgages more affordable, encouraging home purchases. However, as interest rates began to rise sharply in 2022 to 1.68%, homeownership still increased to 88%, suggesting other local factors may have influenced this trend.
Renter percentages in Bayville have inversely mirrored homeownership rates, decreasing from 16% in 2013 to 12% in 2022. Despite this decline, average rent prices have generally increased. In 2013, the median rent was $1,540, rising to $1,914 in 2020, and then slightly decreasing to $1,657 in 2022. This overall increase in rent prices, despite a decreasing renter population, could indicate a growing demand for the limited rental properties available or an increase in the quality of rental units.
In 2023 and 2024, Bayville continued to see growth in average home prices. The average home price reached $698,452 in 2023 and further increased to $735,369 in 2024. This represents a 9.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from previous years.
Looking ahead, based on the observed trends, we can predict that average home prices in Bayville will continue to rise over the next five years, potentially reaching around $850,000 by 2029. This projection assumes a continuation of the current growth rate and stable economic conditions. Average rent prices may also continue to increase, potentially reaching about $2,500 by 2029, reflecting the overall appreciation of property values in the area.
In summary, Bayville has demonstrated a strong trend towards homeownership, with rates increasing to 88% by 2022. Average home prices have shown consistent growth, rising by 42% from 2013 to 2022, and continuing to climb in 2023 and 2024. Despite fluctuations, rent prices have also generally increased. The interplay between federal interest rates, homeownership rates, and housing prices suggests a robust and desirable real estate market in this New York village, with predictions indicating continued growth in both home values and rental costs over the next five years.
