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Belle Terre, NY: High Homeownership Rates Amidst Rising Home Values
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
Belle Terre, located in New York, is a small community known for its high rate of homeownership and exclusive residential character. The village has experienced fluctuations in population over the years, with a notable trend towards increasing homeownership rates. In recent years, average home prices have shown significant growth, while average rent prices have remained stable.
The homeownership rate in Belle Terre has consistently been exceptionally high, reaching 99% in 2022. This remarkable rate of homeownership has been accompanied by a substantial increase in average home prices. In 2019, the average home price was $899,088, which rose to $1,125,101 by 2022, representing a 25.1% increase over just three years. This upward trend in home prices coincided with a slight increase in the homeownership rate from 96% in 2019 to 99% in 2022.
The relationship between federal interest rates and homeownership rates in Belle Terre appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2019 to 2021 (2.16% to 0.08%), the homeownership rate in Belle Terre increased from 96% to 97%. This aligns with the principle that lower interest rates make mortgages more affordable, potentially encouraging more people to buy homes.
The rental market in Belle Terre is notably small, with only 1% of residents renting as of 2022. The average rent price has remained constant at $3,250 from 2015 to 2022, despite fluctuations in the renter population. This stability in rent prices, coupled with the very low percentage of renters, suggests a limited and possibly exclusive rental market in the village.
In 2023 and 2024, Belle Terre experienced a slight decline in average home prices. The average home price in 2023 was $1,111,492, decreasing to $1,107,884 in 2024. This minor downturn coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the slight cooling in the housing market.
Looking ahead, based on recent trends, we can forecast that average home prices in Belle Terre may continue to experience modest fluctuations in the next five years. If interest rates remain high, we might see a period of slower growth or even slight declines in home prices. However, given the village's desirable location and consistently high homeownership rates, any decrease is likely to be moderate. Average rent prices are expected to remain stable, given their consistency over the past several years and the limited rental market in the village.
In summary, Belle Terre demonstrates a strong preference for homeownership, with rates reaching as high as 99%. The village has seen significant growth in average home prices from 2019 to 2022, followed by a slight decline in 2023 and 2024. The rental market remains small and stable. Future trends will likely be influenced by broader economic factors, particularly interest rates, but the village's unique characteristics suggest it will maintain its status as a predominantly owner-occupied community with high property values.
