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Bull's Head, Staten Island: Rising Home Values and Stable Ownership Amidst Market Fluctuations
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
Bull's Head, a neighborhood in Staten Island, New York, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Bull's Head has remained relatively stable, hovering around 75-80% between 2013 and 2022. However, there have been some notable fluctuations within this range. The highest homeownership rate was recorded in 2018 at 83%, while the lowest was 75% in both 2014 and 2022. Concurrently, average home prices in the neighborhood have shown a steady upward trend. In 2010, the average home price was $373,289, which increased to $638,970 by 2022, representing a substantial 71% increase over this period.
The relationship between federal interest rates and homeownership rates in Bull's Head appears to follow the general economic principle that lower interest rates tend to encourage homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained relatively high at 75% and 78%. However, as interest rates began to rise sharply in 2022 to 1.68%, the homeownership rate dipped back to 75%, suggesting a potential correlation between rising interest rates and a slight decrease in homeownership.
Renter percentages in Bull's Head have generally mirrored the inverse of homeownership rates, ranging from 17% to 25% between 2013 and 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $1,073, which decreased to a low of $737 in 2015. There was a sharp increase to $1,543 in 2022, representing a 109% increase from the 2015 low. This surge in rent prices occurred despite the renter percentage remaining relatively stable, suggesting other factors such as housing demand and overall market conditions may have played a role.
Looking at the most recent data, average home prices in Bull's Head continued to rise in 2023 and 2024, reaching $643,089 and $653,153 respectively. This represents a modest but steady increase of about 2.2% from 2022 to 2024. Simultaneously, federal interest rates have remained high, at 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit at a potentially slower rate due to high interest rates. Average home prices could reach approximately $700,000 by 2029 if current trends persist. For rent prices, the volatile nature of recent years makes predictions less certain, but an upward trend seems likely, potentially reaching an average of $1,800-$2,000 per month by 2029.
In summary, Bull's Head has maintained a high rate of homeownership despite rising home prices, suggesting a strong desire for property ownership in the area. The recent sharp increases in both home prices and rent prices, coupled with rising interest rates, may present challenges for both buyers and renters in the coming years. The neighborhood's ability to maintain its high homeownership rate in the face of these economic pressures will be a key trend to watch in the near future.
