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Canton Housing Market: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Canton, located in New York state, is a small community with a rich history and a dynamic real estate market. Over the past decade, the village has experienced significant shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Canton has shown a notable decline in recent years. In 2013, 65% of residents owned their homes, but by 2022, this figure had dropped to 50%. This shift towards a more balanced mix of owners and renters coincided with a substantial increase in average home prices. In 2013, the average home price was $111,352, which steadily rose to $170,008 by 2022, representing a 52.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Canton aligns with typical market behavior. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates remained relatively stable, hovering around 65-68%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more sharply, dropping to 50% by 2022. This trend suggests that rising interest rates may have contributed to making homeownership less affordable for some residents.
As homeownership rates decreased, the percentage of renters in Canton increased from 35% in 2013 to 50% in 2022. Interestingly, average rent prices have shown some fluctuation during this period. In 2013, the average rent was $921, which peaked at $1,081 in 2014 before declining to $871 in 2022. This trend indicates that despite the increase in the renter population, other factors such as local economic conditions or housing supply may have influenced rent prices.
Looking at the most recent data, average home prices in Canton continued to rise, reaching $174,856 in 2023 and $181,692 in 2024. This represents a 6.9% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may further impact homeownership affordability in the near future.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Canton will continue to rise, potentially reaching around $210,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $950-$1,000 per month by 2029, considering the historical fluctuations and the recent upward trend.
In summary, Canton has experienced a significant shift from a predominantly homeowner community to one with an equal balance of owners and renters. This transition has occurred alongside a substantial increase in average home prices and fluctuating rent prices. The impact of rising federal interest rates on homeownership rates is evident, potentially contributing to the declining ownership percentages. As the village moves forward, it appears poised for continued growth in property values, with a housing market that caters increasingly to both owners and renters.
