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Bolivar: Fluctuating Home Values and Ownership in a Small New York Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bolivar, a small community in New York state, has experienced significant demographic shifts over the past decade, particularly in its real estate market. This analysis explores trends in homeownership, average home prices, and average rent prices in Bolivar, providing insights into local real estate dynamics. Homeownership rates in Bolivar have fluctuated over the years. From 2013 to 2019, there was a general decline, with rates dropping from 76% to 71%. However, a recovery occurred from 2020 to 2022, with rates returning to 76%. This trend suggests a renewed interest in homeownership in recent years. The average home price in Bolivar for 2024 is $90,867, offering a snapshot of the current housing market. The relationship between federal interest rates and homeownership rates follows a general trend observed in many communities. As interest rates decreased from 2.16% in 2019 to 0.38% in 2020 and 0.08% in 2021, homeownership rates increased from 71% to 74% and then to 76%, aligning with the principle that lower interest rates typically encourage homeownership due to more affordable financing options.
Rental trends in Bolivar have also shown fluctuation. The percentage of renters increased from 24% in 2013 to 29% in 2019, but then decreased back to 24% by 2022. Average rent prices generally increased over time, rising from $578 in 2013 to $784 in 2019, a 35.6% increase over six years. However, there was a slight decrease in average rent prices from 2019 to 2022, with the 2022 figure standing at $760.
The most recent data shows the average home price in Bolivar for 2023 and 2024 at $90,867. Combined with the federal interest rate of 5.02% in 2023 and 5.33% in 2024, this indicates a potential shift in housing market dynamics. Higher interest rates might impact homeownership trends and affordability in the coming years.
Applying predictive models to forecast 5-year trends suggests that average home prices in Bolivar may continue to rise moderately, potentially reaching around $100,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $800 per month within the next five years. However, these projections are subject to various economic factors and local market conditions.
In summary, Bolivar has experienced fluctuations in homeownership rates, with a recent trend towards increased ownership. Average rent prices have generally increased over time, though with some recent stabilization. The current average home price and higher interest rates suggest a changing landscape for both buyers and renters in the area. These trends indicate a dynamic real estate market in Bolivar, with potential opportunities and challenges for both homeowners and renters in the coming years.
