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Bryn Mawr, Yonkers: Rising Home Values and Ownership Trends in a Tree-Lined Suburban Enclave
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
Bryn Mawr, a vibrant neighborhood in Yonkers, New York, has experienced significant changes in its real estate landscape over the past decade. This area, known for its blend of urban and suburban characteristics, has seen notable shifts in homeownership rates and property values. The neighborhood has demonstrated a general trend of increasing average home prices, while homeownership rates have fluctuated with an overall upward trajectory. Average rent prices have shown variability, reflecting the dynamic nature of the local real estate market.
The relationship between homeownership percentages and average home prices in Bryn Mawr reveals interesting patterns. In 2013, the homeownership rate stood at 51%, with average home prices at $390,571. As average home prices steadily increased, reaching $511,367 in 2019, the homeownership rate also rose to 59%. This trend continued into 2020, with homeownership peaking at 60% while average home prices climbed to $532,073. However, 2021 saw a slight dip in homeownership to 55%, despite average home prices surging to $581,363. By 2022, homeownership rebounded to 59% as average home prices reached $622,649, demonstrating a generally positive correlation between rising home values and homeownership rates.
Federal interest rates have played a significant role in shaping homeownership trends in Bryn Mawr. The period from 2013 to 2015 saw historically low interest rates (0.11% to 0.13%), coinciding with a steady homeownership rate of 54%. As interest rates began to rise from 2016 (0.4%) to 2019 (2.16%), homeownership rates surprisingly increased from 54% to 59%. This could be attributed to anticipation of future rate hikes, prompting residents to enter the housing market. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with fluctuations in homeownership, first rising to 60% in 2020 and then decreasing to 55% in 2021, possibly due to economic uncertainties during the pandemic.
Renter percentages and average rent prices in Bryn Mawr have shown an inverse relationship to homeownership trends. In 2013, with 49% of residents renting, the average rent was $1,586. As the renter percentage decreased to 41% in 2019, average rent rose to $1,571, indicating increased demand for rental properties. The year 2020 saw a decrease in both renter percentage (40%) and average rent ($1,381), possibly due to pandemic-related factors. However, 2021 experienced a rebound in both renter percentage (45%) and average rent ($1,656), suggesting a temporary shift in housing preferences. By 2022, the renter percentage returned to 41% with average rent at $1,413, reflecting ongoing market adjustments.
In 2023 and 2024, Bryn Mawr's real estate market continued to evolve. Average home prices increased from $636,800 in 2023 to $663,611 in 2024, representing a 4.2% year-over-year growth. This growth occurred despite significantly higher federal interest rates, which rose from 5.02% in 2023 to 5.33% in 2024. These higher rates typically make mortgages more expensive, yet the continued rise in home prices suggests strong demand in the neighborhood, possibly driven by factors such as local economic growth or limited housing supply.
Looking ahead, predictive models suggest that average home prices in Bryn Mawr may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average home prices could reach approximately $750,000 by 2029 if current trends persist. Average rent prices are projected to fluctuate but generally increase, potentially reaching around $1,800 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, Bryn Mawr has demonstrated resilience and growth in its real estate market. The neighborhood has seen an overall increase in homeownership rates alongside rising average home prices, despite fluctuations in federal interest rates. The rental market has remained robust, with average rents generally increasing over time. These trends, combined with the recent price growth in 2023 and 2024, suggest that Bryn Mawr continues to be an attractive location for both homeowners and renters, with a dynamic and evolving real estate landscape.
